New York Times, Oct. 15, 2018–Michael CorkerySears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday.
Category: Top National News
Pentagon, Others Baffled by CFPB Plan to Cease Military Lending Exams
American Banker, Oct. 11, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau’s decision to stop examining financial firms for compliance with the Military Lending Act has sparked pushback not only from lawmakers and consumer advocates but also from the Defense Department and every major group representing military service members.
Hurricane Michael May Prevent Thousand of Mortgages from Closing
HousingWire, Oct. 11, 2018–Jessica GuerinAn estimate released Thursday by real estate data provider ClosingCorp highlights the lasting effects of the storm, estimating more than 1,600 pending mortgage transactions are in jeopardy thanks to Michael’s destruction.
What Will Trigger Irresponsible Lending?
Orange County Register, Oct. 11, 2018–Jeff LazersonIn September 2016, I first reported to you that averaging deposits from 24 months of bank statements would be acceptable to count as income. In August 2017, I first reported that stated income loans are back. Ever since, common cries from many readers have been, “Here we go again” and “Didn’t lenders learn the lesson from the mortgage meltdown?”
Lenders Fear Worst from Rent Control Measure on California Ballot
National Mortgage News, Oct. 10, 2018–Hannah Lang (subscription)Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.
Wells Fargo is Back in the Mortgage Securitization Business
HousingWire, Oct. 10, 2018–Ben LaneOnce an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, backed by the highest of high-quality loans.
States’ Response to OCC Fintech Charter ‘Disappointing,’ Top Treasury Official Says
American Banker, Oct. 10, 2018–Neil Haggerty (subscription)”I’m really disappointed in kind of the reactions of the states to our report,” said Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, at a conference in Washington Wednesday. “In no way are we trying to undermine the role of state regulation and definitely there is a collaboration between states and the federal.”
HSBC Finalizes Large Subprime RMBS Settlement
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.
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.