HousingWire, Sept. 5, 2018–Jacob GaffneySeptember 6, 2018, marks the 10-year anniversary of the Federal conservatorship of Fannie Mae and Freddie Mac. By the beginning of next year, the Trump administration is likely to become the dominant force overseeing the entire nation’s housing finance infrastructure.
Category: Top National News
We Have a Once-in-a-Generation Chance to Revamp CRA; Let’s Use It
National Mortgage News, Sept. 5, 2018–Joseph OttingThe Comptroller of the Currency writes “a broad consensus has emerged that we can make a dramatic improvement in how the Community Reinvestment Act works and increase lending, investment and other banking activity where it is needed most.”
CMBS Delinquencies Decline, Still Higher than Other Loan Types: MBA
National Mortgage News, Sept. 4, 2018–Brad Finkelstein (subscription)Delinquencies for loans securing commercial mortgage-backed securities continued to decline, although they are still well above rates for other types of investors, according to data compiled by the Mortgage Bankers Association.
Would CFPB Nominee Hamstring the Agency by Slashing its Budget?
American Banker, Sept. 4, 2018–Kate Berry (subscription)Kathy Kraninger, a senior official at the Office of Management and Budget, was mostly tight-lipped about her plans for the agency at her July nomination hearing. But watchers saw clear signals of her interest in the agency’s budget as a focus, as well as in conducting cost-benefit analyses of all rulemakings.
Regulators Extend Comment Period for Volcker Rule Changes
American Banker, Sept. 4, 2018–Hannah Long (subscription)Under the proposal, Volcker Rule compliance would be revised, the rule would be tailored for institutions that participate in fewer trading activities and the definitions of certain prohibited trades would be altered.
Serious Delinquency at Fannie Lowest in Nearly 11 Years
Mortgage Daily, Sept. 4, 2018Monthly new business slipped at Fannie Mae. Loan performance on the secondary lender’s residential portfolio was the best in nearly 11 years.
Fannie Mae’s MBS Issuance Soars to 19-Month High
Mortgage Daily, Sept. 4, 2018Securitizations of residential loans backed by Fannie Mae soared to a 19-month high, leading overall agency issuance higher.
Mortgage Bond Ratings Get Harder to Decode
Reuters, Aug. 31, 2018–Joy Wiltermuth, Natalie HarrisonCredit rating opinions on new types of residential mortgage bonds have become increasingly divided, making it harder for investors to gauge their risks.
CFPB Posts Rule Explaining how HMDA Exemptions Will Work
National Mortgage News, Aug. 31, 2018–Kate Berry (subscription)The reg relief law, signed in May, exempts roughly 85% of banks and credit unions from reporting the expanded Home Mortgage Disclosure Act data points introduced for the 2018 reporting year. The mortgage industry lobbied heavily for the changes, particularly for an exemption from disclosures of all points and fees when a loan is originated.
Will Federal Control of Fannie and Freddie Ever End?
American Banker, Sept. 3, 2018–Hannah Long (subscription)A decade later, nothing about the federal takeover of the mortgage giants seems temporary. It is the status quo. Efforts for comprehensive housing finance reform keep getting derailed, leaving many to wonder if it will take a disruptive event–a sudden change in political power, another crisis or something else–to force policymakers to set the GSEs on a permanent path forward.