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.
Category: Top National News
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.
It’s Regulators’ Job to Tailor Rules for Small Banks–Fed’s Bowman
American Banker, Feb. 11, 2019–John Heltman (subscription)Regulators have a duty to make sure policies are suited to the particular profile of community banks, Federal Reserve Board Gov. Michelle Bowman said in her first public speech since being confirmed to the Fed board.
Ditech Return to Bankruptcy to Restructure Its Debt
National Mortgage News, Feb. 11, 2010–Bonnie Sinnock (subscription)Ditech Holding Corp. is refiling for bankruptcy almost a year after emerging from it in order to facilitate a restructuring agreement with lenders holding more than 75% of its term loans.
California Homeowners Face Higher Prices for a Scarce Commodity: Wildfire Insurance
Wall Street Journal, Feb. 10, 2019–Nicole Friedman (subscription)Californians who want to insure their homes against the next wildfire are paying a price for two years of record-breaking blazes. Home-insurance companies in the Golden State are canceling some policies, refusing to sell new ones in certain areas and applying for rate increases as they look to cut back on wildfire risk.