American Banker, Sept. 18, 2018–Joseph Otting (subscription)The Comptroller of the Currency says the OCC’s decision to begin accepting applications for special purpose national bank charters from fintech companies promotes innovation, gives consumers and businesses greater choice and creates economic growth and opportunity.
Category: Top National News
The Death and Life of New York City Retail
Bloomberg, Sept. 17, 2018–Justin FoxManhattan has fewer retail establishments now than in 2001. But there are other boroughs and other uses of storefront space.
Growth in New CMBS Issuances Reduces Delinquency Rate: Fitch
National Mortgage News, Sept. 17, 2018–Brad Finkelstein (subscription)Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.
Hurricane Florence Creating Housing Shortage for Displaced North Carolinians
Wall Street Journal, Sept. 18, 2018–Laura Kusisto (subscription)Finding temporary housing for thousands of North Carolinians displaced by Hurricane Florence could prove more difficult than it was for those uprooted by other recent U.S. storms and hurricanes.
CFPB Tries Sweetening Pot for Firms Testing Disclosure Changes
National Mortgage News, Sept. 17, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is revamping a program to encourage innovation in consumer disclosures after an earlier effort drew little industry interest.
Homeowners are Sitting on a Record $6 Trillion in Equity But are Wary of Tapping It
MarketWatch, Sept. 14, 2018–Andrea RiquierAmerican homeowners have amassed a record $6 trillion in equity in their properties, a figure boosted by surging home prices and a trend of owners staying put longer. But rising interest rates and caution resulting from the housing troubles of a decade ago are limiting how much of that equity is getting tapped. (MBA mention)
Rent-to-Own a Dangerous Choice
UExpress, Sept. 14, 2018–Lew SichelmanThese arrangements rarely work out for the wannabe owners, but they are windfalls for the seller-landlords. Granted, some rent-to-own contracts are fair and equitable. But most are just backdoor deals that often prey on people who don’t have a big enough nest egg, or a high enough credit score, to meet normal lending standards.
House Bill Addresses Poor CFPB Guidance
Mortgage Daily Sept. 14, 2018On Thursday the House Financial Services Committee approved House Bill H.R. 5534, the Give Useful Information to Define Effective Compliance Act, by a 34-17 vote.
New York Sues U.S. to Stop Fintech Bank Charters
Reuters, Sept. 14, 2018–Jonathan StempelMaria Vullo, superintendent of New York’s Department of Financial Services, called the July 31 decision by the Office of the Comptroller of the Currency to let financial technology companies, or fintech firms, obtain charters “lawless, ill-conceived, and destabilizing of financial markets.”
National MI Names New CEO
Mortgage Daily, Sept. 14, 2018Bradley Shuster will relinquish his CEO role at the end of this year. He’ll stay on as executive chairman, though. Claudia Merkle will take the reins from Shuster on Jan. 1, 2019. She’ll also join the board of directors.