National Mortgage Professional, Dec. 7, 2018–Phil HallMoody’s Investors Service is forecasting a strong level of credit quality and performance of residential mortgage-backed securities in 2019, although the level of strength will be slightly weaker compared to this year.
Category: Top National News
NFIP Extended to Dec. 21
National Mortgage Professional, Dec. 6, 2018–Phil HallThe National Flood Insurance Program was extended through Dec. 21 as part of Congress’ two-week extension for the federal government’s funding deadline.
CFPB Fines Mortgage Lender Over Claims it Deceived Veterans
American Banker, Dec. 6, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau ordered Village Capital & Investment, a nonbank mortgage lender in Henderson, Nev., to issue refunds and pay a fine for allegedly misleading veterans about refinancing their mortgages.
Wells Fargo to Pay $17 Million to Illinois Pension Fund over Crisis-Era Mortgage Bonds
HousingWire, Dec. 6, 2018–Ben LaneWells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced.
How Waters Will Keep Pressure on CFPB
American Banker, Dec. 5, 2018–Kate Berry (subscription)There is already intense focus on how the Democratic-run House Financial Services Committee may shine a spotlight on Trump administration-appointed regulators. But that light might shine brightest on one agency in particular: the Consumer Financial Protection Bureau.
Risk is Building in the Housing Market
National Mortgage News, Dec. 5, 2018–Lynn M. Fisher, Edward J. Pinto (subscription)American Enterprise Institute economists warn if the economy were to experience a downturn or worse in the next few years, home prices, which have boomed over the last six years, will surely realize a price correction and foreclosure rates could increase “dramatically.”
Commercial Loan Delinquencies Stay Down in 3Q
Scotsman Guide, Dec. 4, 2018–Victor WhitmanThe delinquency rate on commercial/multifamily loans held by major investor classes remained exceptionally low in the third quarter, according to the Mortgage Bankers Association.
This Watchdog Agency Has Gotten Smaller, Quieter, Less Active Under Trump
Washington Post, Dec. 4, 2018–Kate RabinowitzUnder the Trump administration, the Consumer Financial Protection Bureau has seen its role diminished.
Chinese Dumped $1 Billion of U.S. Real Estate in Third Quarter, Extending Recent Retreat
Wall Street Journal, Dec. 4, 2018–Esther Fung (subscription)Chinese investors offloaded more than $1 billion in U.S. real estate in the third quarter, extending their recent retreat from hotels, office buildings and other foreign property under pressure from Beijing to reduce debt and curb money sent abroad.
New York Foreclosure Firm Admits to Cheating Fannie Mae, VA Out of Millions
HousingWire, Dec. 4, 2018–Ben LaneThe U.S. Attorney’s Office for the Southern District of New York announced Tuesday that it reached a settlement with Rosicki, Rosicki & Associates, in which the law firm admitted to using its wholly owned affiliates, Enterprise Process Service and Paramount Land, to overcharge Fannie Mae and the VA for foreclosure and eviction-related expenses.