American Banker, July 24, 2018–Hannah Lang (subscription)Michael Bright, President Trump’s nominee to head Ginnie Mae appeared to distance himself Tuesday from a 2016 paper he co-wrote on reforming the housing finance system, telling senators that he “hasn’t thought about that paper in two years.”
Category: Top National News
FICO, VantageScore Stand Against FHFA’s Delay of New Credit Score Model
HousingWire, July 24, 2018–Kelsey RamirezWhile FICO and VantageScore have been locked into an intense competition while the FHFA makes its decision, they both agreed on one thing–the postponement is disappointing.
Foreclosure Metrics Improve But Delinquency Worse
Mortgage Daily, July 24, 2018Black Knight noted improvement last month in U.S. foreclosure metrics, the rate of 30-day delinquency on residential loans climbed to the highest level in four months.
Agency Flow MSR Offerings Could Work Out to $1 Bil
Mortgage Daily, July 24, 2018A pair of co-issue flow offerings for servicing rights on agency mortgages could ultimately give the successful bidder servicing on more than $1 billion in loans.
Fannie Mae CEO to Leave by Year’s End
Wall Street Journal, July 23, 2018–Laura Kusisto, Nick Timiraos (subscription)Timothy J. Mayopoulos, a financial-services lawyer who as CEO helped lead the turnaround of Fannie from the depths of the financial crisis, will remain chief executive until the end of the year and yield the president title to David Benson, Fannie’s chief financial officer. (MBA mention)
GSE Down Payment Penalty Creates Unnecessary Homeownership Hurdles
National Mortgage News, July 23, 2018–Ted Tozer (subscription)Former Ginnie Mae President, now with the Milliken Institute, asserts the government-sponsored enterprises are actually overcharging the low-income borrowers and first-time homebuyers they’re supposed to be helping.
States Ramp Up Licensing for Mortgage Servicers
National Mortgage News, July 23, 2018–Bonnie Sinnock (subscription)The limited number of places where mortgage servicers can operate without a license is getting even smaller due to state regulators’ growing concerns about Consumer Financial Protection Bureau deregulation and the increased market share of nonbanks.
California Burning: As Wildfires Increase How Is Real Estate Going to Cope?
Commercial Observer, July 23, 2018–Allison StatemanCalifornia is a state prone to natural disasters from earthquakes and mudslides to wildfires. In addition to myriad other effects, this has become a real estate concern.
Mortgage Securities Traders Ponder Future of Favorite Swap Deal
Bloomberg, July 20, 2018–Christopher MaloneySwaps linked to higher coupon Ginnie Mae II/Fannie Mae 30-year mortgages have rallied since February when HUD started cracking down on servicers whose loans to veterans were being refinanced at above-average speeds.
The Hard Part of Reg Relief is Just Getting Started
National Mortgage News, July 20, 2018–Rachel Witkowski (subscription)President Trump’s signing of the regulatory relief law in May was a culmination of multiple efforts to enact changes to ease banks’ burden. But it also signaled the start of a new chapter: regulatory implementation.