Category: Top National News

Mortgage Daily, May 8, 2018Capital One Financial Corp. is selling the loans to Credit Suisse AG-subsidiary DLJ Mortgage Capital Inc. The loan sale follows Capital One’s previously announced exit from the origination of residential and home-equity loans.

The Hill, May 7, 2018–Brett SamuelsNew York Attorney General Eric Schneiderman resigned Monday night after a bombshell report detailing allegations from multiple women of physical abuse against him.

Wall Street Journal, May 7, 2018–Dave Michaels (subscription)Michael Piwowar said he intends to step down from the SEC on July 7, after serving nearly five years on the five-person commission. Mr. Piwowar’s departure would leave the agency with four commissioners, meaning some votes could be deadlocked if the SEC’s two Democrats oppose measures favored by Chairman Jay Clayton.

Bloomberg, May 7, 2018–Joe LightFreddie Mac has quietly started extending credit to nonbanks that issue mortgages, a move it says will help the companies maintain access to a crucial stockpile of cash if their home loans go sour. But critics say the financing could create an unfair market advantage that allows preferred lenders to muscle out competitors. (MBA mention)

National Mortgage News, May 7, 2018 (subscription)Mortgage servicers growing due to acquisitions or the increased value of servicing in the market could remain under pressure if these strategies don’t outweigh other rising costs they face.

Mortgage Daily, May 8, 2018The updates by the mortgage insurance company are reportedly being made in an effort to provide increased risk-based granularity and align better with industry trends.

Cleveland Plain Dealer, May 4, 2018–Michelle JarboeKlein started Safeguard in 1990 and was its chief executive until 2010, when he handed the reins to Alan Jaffa, his son-in-law. The company works for banks, securing and maintaining homes that are in the foreclosure process or that have been taken back by lenders.

Philadephia Inquirer, May 4, 2018–Caitlin McCabeDana Wade, the acting Federal Housing Administration commissioner, minced few words in testimony last month before a U.S. House of Representatives committee. The FHA, the federal housing agency that insures mortgages made to first-time and lower-income buyers, has seen “certain trends and indicators of potential defaults,” Wade said.

National Mortgage News, May 4, 2018–Brian Fitzpatrick (subscription)The author, CEO of LoanLogics, says lenders just don’t have the luxury of going back in time to fix bad loans after they’ve already closed. Nor can they simply hope that their loan origination systems or staff caught every problem. Today’s loans must be done right the first time. The game has changed, and lenders it need to play differently before it’s too late.

Bloomberg, May 4, 2018–Gillian TanNew York’s iconic Plaza Hotel is about to change hands. Its buyers are Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization. They agreed to pay $600 million for the hotel, at the southeast corner of Central Park, in a deal that is set to be completed on June 25.