Category: Top National News

HousingWire, June 1, 2018–Kelsey RamirezGinnie Mae said in the interest of providing additional clarity and transparency to its mortgage-backed securities investors, it announced it restricted VA single-family guaranteed loans pooled by three VA lenders: Freedom Mortgage, SunWest Mortgage and NewDay USA.

Bloomberg, June 1, 2018–Claire Boston (subscription)Commercial mortgage bonds are getting stuffed with the lowest-quality loans since the financial crisis by one measure, according to Moody’s Investors Service, a warning sign that the $517 billion market may be headed for harder times.

National Mortgage Professional, May 31, 2018–Phil HallThe Mortgage Bankers Association called on the Consumer Financial Protection Bureau to create an advisory council focused on the mortgage industry that would receive input from all stakeholders in the mortgage market.

Scotsman Guide, May 31, 2018–Victor WhitmanThe Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, directs the Consumer Financial Protection Bureau to establish rules on private PACE financiers that ensure that borrowers can repay the costs of the improvements. The largest mortgage trade group, the Mortgage Bankers Association, has been lobbying for tough rules on PACE loans, saying that consumers have been left unprotected.

Wall Street Journal, May 31, 2018–Jenny Strasburg, Ryan Tracy (subscription)The Federal Reserve has designated Deutsche Bank AG’s sprawling U.S. business in “troubled condition,” a rare censure for a major financial institution that contributed to constraints on its operations.

Mortgage Daily, May 31, 2018Acquisition of Franklin American Mortgage Co. by Citizens Financial Group will create a mortgage banking firm that ranks among the nation’s 15 largest.

NPR, May 31, 2018–Bill ChappelSears Holdings Corp., which controls Sears and Kmart, says it has “identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future,” in the latest sign of the retailer’s struggles to stay afloat.

Washington Post, May 30, 2018–Kenneth HarneyThe two biggest sources of home-mortgage money in the country, investors Fannie Mae and Freddie Mac, are quietly working on ways to make qualifying for a home purchase easier for participants in the booming “gig” economy.

Mortgage Daily, May 30, 2018Among S. 2155’s provisions is a prohibition of Ginnie Mae guaranteeing mortgage-backed securities containing certain loans guaranteed by the Department of Veterans Affairs.

Forbes, May 30, 2018–Evan GentryDespite fears of trade wars and increased protectionism, foreign investment in the United States remains robust. A significant amount of this capital is flowing to commercial real estate, which continues to be the sector of choice for many foreign investors.