American Banker, Aug. 9, 2018–Rachel Witkowski (subscription)Federal agencies have recently rolled out a series of efforts aimed at collaborating more on fintech regulation, but one key question remains: who is taking the lead?
Category: Top National News
House Panel Plans FHFA Oversight Hearing, Invites Watt to Testify
American Banker, Aug. 8, 2018–Neil Haggerty (subscription)The hearing is planned for “no later than” Sept. 27 and Fannie Mae Chief Executive Timothy Mayopoulus and FHFA Director Mel Watt “will be invited to testify,” according to a press release from Committee Chairman Jeb Hensarling, R-Texas, and Oversight and Investigations Subcommittee Chairman Ann Wagner, R-Mo.
Trump Administration Cuts Dozens of Staff at Financial Market Watchdog
Reuters, Aug. 8, 2018–Pete SchroederThe Trump administration moved on Wednesday to drastically shrink the Office of Financial Research, a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off.
Quicken Launches Proprietary Reverse Mortgage Alternative to HECM
National Mortgage News, Aug. 8, 2018–Bonnie Sinnock (subscription)Quicken Loans subsidiary One Reverse Mortgage is rolling out a private-label alternative to the Federal Housing Administration’s Home Equity Conversion Mortgage that offers higher loan limits and more flexible underwriting terms.
Ocwen Refinancing $300M of Notes Backed by Reimbursement Rights
National Mortgage News, Aug. 8, 2018–Allison Bisbey (subscription)Ocwen is refinancing $300 million of bonds backed by reimbursement rights to funds it has advanced on residential mortgages it services. The two new series of notes will both extend the maturity of the debt issued by the securitization trust and reduce the interest rate.
Vulnerable Dems Side with Warren in Battle over Consumer Bureau
The Hill, Aug. 7, 2018–Sylvan LaneDemocratic Sens. Heidi Heitkamp (N.D.) and Jon Tester (Mont.), both big GOP targets this November in states won easily by Trump in 2016, say they are opposed to supporting Kathy Kraninger’s nomination to lead the CFPB, joining forces with Warren and other liberal colleagues.
Mall Bear Doubles Down on Bet, Even as Shopping Centers Show Some Life
Wall Street Journal, Aug. 7, 2018–Esther Fung (subscription)Eric Yip, a hedge-fund manager known for wagering on the demise of the weakest American malls is raising the stakes, betting some of the hardest-hit shopping centers are in a death spiral.
Fannie, Freddie Could Need $78B in Crisis: FHFA
American Banker, Aug. 7, 2018–Hannah Long (subscription)Mortgage giants Fannie Mae and Freddie Mac could require as much as $78 billion in bailout money in the event of a serious financial crisis, according to stress test results released Tuesday by the Federal Housing Finance Agency.
What FHFA Scandals Mean for Agency’s Future, GSE Reform
American Banker, Aug. 7, 2018–Hannah Long (subscription)The Federal Housing Finance Agency has faced a barrage of negative headlines lately, from a sexual harassment probe of Director Mel Watt to a court ruling declaring the agency’s leadership structure unconstitutional.
Tiny Offering of GSE MSRs
Mortgage Daily, Aug. 7, 2018Bids are being sought for mortgage-servicing rights on 588 single-family loans that had an aggregate unpaid principal balance of $149 billion as of June 30.