HousingWire, Aug. 21, 2018–Ben LaneAccording to the Federal Housing Finance Agency, the GSEs’ expansion into single-family rentals was conducted on a “test and learn” basis, designed to determine if the GSEs were needed to support the growing single-family rental market. But FHFA said that it has since learned that the market can function without the GSEs.
Category: Top National News
Lawsuit, Taped Recordings by Accuser Keep Pressure on FHFA’s Watt
National Mortgage News, Aug. 21, 2018–Hannah Long (subscription)Scrutiny of Federal Housing Finance Agency Director Mel Watt continues to mount as he faces an equal-pay lawsuit from the employee who alleged he sexually harassed her and mainstream news outlets report more details about the growing scandal.
The National Mortgage Settlement is Officially Over
HousingWire, Aug. 22, 2018–Ben LaneThe Office of Mortgage Settlement Oversight announced early Wednesday morning that all of the servicers under its oversight have completed their servicing obligations and the monitor’s work is now complete.
Mortgage Delinquency Holds, Miami’s Rate Plunges
Mortgage Daily, Aug. 21, 2018Serious delinquency on first mortgages was little changed last month, as has been the case for a half-decade, said S&P and Experian. In Miami, serious consumer delinquency plunged more than 60 basis points.
MBA: Second Quarter Foreclosure Starts at Lowest Level Since 1987
Mortgage Orb, Aug. 20, 2018–Patrick BarnardThe delinquency rate on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.36% as of the end of the second quarter, down 27 basis points from the 4.63% previous quarter, but up 12 basis points from 4.24% a year ago, according to the Mortgage Bankers Association.
HUD Fair Housing Complaint Against Facebook Came Via a Rare Source
National Mortgage News, Aug. 20, 2018–Brad Finkelstein (subscription)HUD’s move, along with a separate statement of interest by the U.S. Attorney for the Southern District of New York in a case filed by fair housing advocates, indicated the practices allegedly continued even after Facebook reported disabling those features after their existence became common knowledge nearly two years earlier.
Can State AGs Really Serve as ‘Mini-CFPBs?’
American Banker, Aug. 20, 2018–Kate Berry (subscription)Late last year, 17 state attorneys general pledged to fill the gap if Consumer Financial Protection Bureau slowed its enforcement activity under acting Director Mick Mulvaney. But their efforts to compensate for a less aggressive CFPB have so far been a mixed bag.
Mortgage Investors Don’t Think Fed’s Exit Means Goodbye Forever
Bloomberg, Aug. 17, 2018–Christopher Maloney”Once the Fed crossed the Rubicon into QE, they are never going to go back,” according to Walt Schmidt, head of MBS research at FTN Financial, whose advisory group has $17 billion in agency mortgage-backed securities and collateralized mortgage obligations under management.
Inside the Scandal that Could Explode Multifamily Real Estate
HousingWire, Aug. 17, 2018–Ben LaneEverything is going swimmingly in multifamily real estate these days, right? Rents keep rising, construction is still chugging along, deals are being made, and delinquencies are still at historic lows. So everything’s good, right? Maybe not.
Escrow Accounts: A Necessary Evil
UExpress, Aug. 17, 2018–Lew SichelmanMost lenders require escrow accounts to make sure these bills are paid on time, thereby reducing the risk that you will default on the mortgage or incur liens on the property. Either of those possibilities will place a cloud on your title, making the property more difficult to sell–by you or the bank, should it have to foreclose.