National Mortgage News, Feb. 15, 2019–Allison Bisbey (subscripition)The state’s tougher oversight has stripped Property Assessed Clean Energy of its go-to project financing status among contractors. That shift may result in adverse selection.
Category: Top National News
Reform of Fannie, Freddie Should Fall to Congress: FHFA Nominee
National Mortgage News, Feb. 14, 2019–Hannah Long (subscription)The nominee to run the Federal Housing Finance Agency, Mark Calabria, appeared to lean toward having Congress reform the government-sponsored enterprises, despite recent speculation that the Trump administration was readying a plan that could be carried out without legislation.
House Lawmaker Warns of CECL’s Impact on Fannie, Freddie
National Mortgage News, Feb. 14, 2019–Neil Haggerty (subscription)Rep. Blaine Luetkemeyer, R-Mo., told acting Federal Housing Finance Agency Director Joseph Otting that he is concerned the Financial Accounting Standards Board’s new model for estimating loan losses, which has long drawn industry criticism, could pose risk across the mortgage market.
Fannie Mae Reports Net Income of $16B in 2018
HousingWire, Feb. 14, 2019–Alcynna LloydFannie Mae reported Thursday it posted a comprehensive income of $3.2 billion in the fourth quarter, bringing full-year earnings to $15.6 billion in 2018.
Freddie Mac Reports Net Income of $8.6 Billion in 2018
HousingWire, Feb. 14, 2019–Kelsey RamirezAfter taking out market-related losses due to interest rate and spread volatility, Freddie Mac reported an income of $1.5 billion in the fourth quarter of 2018 and $8.6 billion for the full year.
Debt Funds Have Banks Struggling to Keep Pace, Fretful Lenders Declare
Commercial Observer, Feb. 12, 2019–Matt GrossmanThe past decade has marked a great business cycle for lenders of all stripes. But bank executives at the Mortgage Bankers’ Association‘s conference in San Diego yesterday betrayed a sense of wariness that they’re being squeezed out of the running for good returns on palatable deals.
Debt Funds’ Rising Influence Evident at MBA CREF
Commercial Property Executive, Feb. 12, 2019–Therese FitzgeraldDebt funds originated about $67 billion in mortgages in 2018-about 10 percent of total originations, up from $52 billion in 2017 and $32 billion in 2016, according to Jamie Woodwell, vice president of Commercial-Multifamily Research at the Mortgage Bankers Association. “They are clearly a significant player,” he said.
State AGs Assail CFPB Plan to Build Fintech Sandbox
American Banker, Feb. 12, 2019–Kate Berry (subscription)Twenty-two Democratic state attorneys general said the Consumer Financial Protection Bureau lacks sweeping authority to create a fintech sandbox that provides immunity from state law.
Banks Claim Victory in New Private Flood Insurance Rule
National Mortgage News, Feb. 11, 2019–Bonnie Sinnock (subscription)Depository mortgage lenders are optimistic the final version of a regulation designed to open up the flood insurance market will make it easier for them to comply with a rule requiring them to accept private carrier policies.
FIS Sued for $50 Million for Alleged Fraud, Conspiracy
Jacksonville Business Journal, Feb. 11, 2019–Will RobinsonJacksonville-based Fidelity National Information Systems Inc. has been accused of defrauding Ocwen Loan Servicing LLC and a California regulator as well as orchestrating a conspiracy to conceal its behavior.