Category: Top National News

American Banker, Nov. 9, 2018–Hannah Lang (subscription)The revised blueprint by Moelis & Co. LLC, which serves as a financial adviser to some Fannie and Freddie shareholders, incorporates a plan by the mortgage companies’ regulator for them to adopt risk-based capital requirements. The original Moelis plan released in June 2017 had drawn mixed reviews from the industry.

HousingWire, Nov. 12, 2018–Ben LaneWells Fargo announced late last week that it reached a settlement with a group of institutional investors, which includes funds affiliated with investing giants BlackRock and PIMCO, to bring a pair of class action lawsuits to a close.

Scotsman Guide, Nov. 8, 2018–Victor WhitmanMortgage delinquencies edged up 11 basis points over the third quarter to hit 4.47 percent to end September, moving higher in several states in the South region in the wake of Hurricane Florence and Tropical Storm Gordon, the Mortgage Bankers Association reported.

American Banker, Nov. 8, 2018–Neil Haggerty (subscription)In her first comments since Democrats won control of the House, Rep. Maxine Waters, D-Calif., the expected incoming chair of the Financial Services Committee took a hard line against the Trump administration and pledged to protect “consumers and investors from abusive financial practices.” But she also committed to “hearing a range of views” if chosen to run the panel.

Los Angeles Times, Nov. 7, 2018–Liam DillonProposition 10, a ballot measure to expand rent control in California, was decisively rejected by voters Tuesday in a victory for the state’s top landlords who spent millions to defeat it.

National Mortgage News, Nov. 7, 2018–Elina Tarkazikis (free article)California voters rejected Proposition 10, which would have reduced state restrictions on municipal rent control laws that proponents said would create more affordable housing options for tenants, but was opposed by real estate and mortgage industry interests. “We recognized early on that this could have a very far-reaching impact on the multifamily industry and the housing industry, so we’re very pleased with the outcome of the election,” said Sharon Walker, associate vice president of multifamily at the Mortgage Bankers Association.

Reuters, Nov. 8, 2018–Karen Freifeld, Michael ShieldsUBS Group AG, Switzerland’s largest bank, faces another potentially costly legal battle as the U.S. Department of Justice draws up civil charges over the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

National Mortgage News, Nov. 7, 2018–Bonnie Sinnock (subscription)”The company has fallen below the New York Stock Exchange’s continued listing standard that requires listed companies to maintain an average global market capitalization over a consecutive 30-trading-day period of at least $15 million,” Ditech said in a press release. “The company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws. The suspension and commencement of delisting proceedings do not affect the company’s business operations.”

National Mortgage News, Nov. 6, 2018–Brad Finkelstein (subscription)While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers can’t let their guard down about compliance, according to Standard & Poor’s.

National Mortgage News, Nov. 6, 2018–Bonnie Sinnock (subscription)Ocwen Financial Corp. recorded a deeper quarterly loss of $41 million after acquiring PHH Corp., but still expects the deal’s economies of scale to eventually lower costs and restore profitability.