Mortgage Daily, Oct. 9, 2018On Tuesday, the Justice Department announced it agreed to a settlement with HSBC that includes a $765 million civil penalty involving subprime residential mortgage-backed securities.
Category: Top National News
Serious Mortgage Delinquency at 11-Year Low
Mortgage Daily, Oct. 9, 2018CoreLogic said mortgage delinquency and foreclosure rates fell again in July to lows last seen before the financial crisis.
Mortgage Delinquencies from Florence Could Hit VA Loans Hardest
National Mortgage News, Oct. 8, 2018–Paul Centopani (subscription)Delinquencies will be on the rise and Veterans Affairs loans have greater density within FEMA-declared disaster zones from Hurricane Florence, according to Black Knight.
With Kavanaugh Confirmed, Will Supreme Court Take Aim at the CFPB?
HousingWire, Oct. 8, 2018–Ben LaneNewly sworn-in Supreme Court Justice Brett Kavanaugh believes the Consumer Financial Protection Bureau, as it is currently structured, is unconstitutional. And he’s written as much.
CRA, Capital Rules, Reg Relief: Regulators’ Busy Fall To-Do List
American Banker, Oct. 5, 2018–Neil Haggerty (subscription)At a Senate Banking Committee hearing last week, Fed Vice Chairman of Supervision Randal Quarles, Federal Deposit Insurance Corp. Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting and National Credit Union Administration Chairman J. Mark McWatters discussed their progress in updating capital requirements, modernizing how they enforce the Community Reinvestment Act and continuing to deal with the continuing enforcement issues at Wells Fargo.
Bridge Loans Can Be an Attractive Financing Strategy for Value-Add Investments
National Real Estate Investor, Oct. 5, 2018–Shahin Yazdi Bridge loans may be the right financing strategy for value-add investors with a clear plan to increase property income.
10 Years Later: How The Housing Market Has Changed Since The Crash
Washington Post, Oct. 4, 2018–Michele Lerner The crisis is still in the forefront of the minds of everyone in the lending industry and influences their decisions, says Michael Fratantoni, chief economist of the Mortgage Bankers Association in Washington. “Many of the products that started the crisis aren’t around and the practices that started it are severely constrained,” he said.
NYSE Owner International Exchange Acquires Full Control of MERS
National Mortgage News, Oct. 4, 2018–Bonnie Sinnock (subscription)Intercontinental Exchange, the owner of the New York Stock Exchange, has purchased the remaining equity in Merscorp Holdings it did not already own.
Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond
Bloomberg, Oct. 4, 2018–Adam TempkinWells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing. The $441 million non-agency bond will include top portions, which will be rated AAA, sources said.
Acquisition of PHH Corp. a Done Deal
Mortgage Daily, Oct. 4, 2018Ocwen Financial Corp.’s acquisition of PHH Corp., which has operated as an independent organization for more than a dozen years, has been completed.