Category: Top National News

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.

HousingWire, Nov. 6, 2018–Ben LaneEarlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought.

National Mortgage News, Nov. 5, 2018–Bonnie Sinnock (subscription)Although forecasts anticipate a continuing drop in overall originations, private-label residential mortgage-backed securitizations backed by newer loans are expected to keep increasing through next year, according to Bank of America.

HousingWire, Nov. 5, 2018–Jessica GuerinRMI President John Lunde said the numbers continue to point to a slow recovery for the HECM industry, which has seen volume nosedive this year thanks to program changes issued last October.