National Mortgage News, Mar. 7, 2018–Kate Berry (subscription)If acting Consumer Financial Protection Bureau Director Mick Mulvaney has his way, his agency would effectively become a backup regulator, ceding authority over virtually every firm for which it has jurisdiction to other state and federal authorities.
Category: Top National News
GSE Credit Risk Transfer Programs are a Housing Reform Model
National Mortgage News, Mar. 7, 2018–Brad Finkelstein (subscription)The success of the government-sponsored enterprises’ credit risk transfer programs shows that they can be the basis for housing finance reform. But there are still steps that can be taken to maximize secondary market liquidity and broaden the investor bases, according to a paper co-written by Annaly Capital Management and the Federal Reserve Bank of New York.
RBS Will Pay N.Y. $500 Million Over Bogus Mortgage Marketing
Bloomberg, Mar. 7, 2018–Erik Larson, Greg FarrellRoyal Bank of Scotland Group Plc agreed to pay $500 million to settle New York’s probe into its marketing of toxic mortgage-backed securities that triggered the financial crisis, moving the government-owned lender a step closer to resolving a series of costly U.S. investigations.
HUD Selling Vacant Property Loans
Mortgage Daily, Mar. 6, 2018The offering from HUD is for 650 notes that have an aggregate unpaid principal balance of $136 million.
Banks Want In on Tax Reform Plan to Spur Investment in Distressed Areas
National Mortgage News, Mar. 6, 2018–Brian Collins (subscription)In passing President Trump’s tax cut bill, Congress approved a new program that allows investors to defer paying taxes on capital gains if they invest in “Opportunity Zones.”
Radian Relaxes Mortgage Insurance Requirements
Mortgage Daily, Mar. 6, 2018Improvements to requirements at Radian Guaranty Inc. include lower mortgage insurance premiums and the insuring of three- and four-unit residential loans.
Over a Million Americans May Have Just Lost Their Shot at Refinancing
MarketWatch, Mar. 5, 2018–Andrea RiquierIndustry participants believe many Americans are rushing to get ahead of rates that are only expected to go higher from here. (MBA mention)
Majority of Homeowners Could See Their First Shift in Adjustable Mortgage Rates
Mortgage Professional America, Mar. 5, 2018–Francis MonfortMost homeowners with adjustable-rate mortgages could experience their first interest rate increase if the low-interest-rate environment ends, according to survey results released by HSBC.
113 Congressional Republicans Declare Support for Mick Mulvaney as CFPB Director
HousingWire, Mar. 5, 2018–Ben LaneThe lines of support are very clearly drawn in the battle over who should serve as interim director of the Consumer Financial Protection Bureau.
Competition May Force CMBS Issuers to Pursue Higher LTV Loans
National Mortgage News, Mar. 5, 2018–Bonnie Sinnock (subscription)”Many market participants believe that increased conduit leverage is required for the CMBS market to effectively compete for future commercial real estate loans and maintain CMBS conduit issuance at sustainable levels,” Fitch Ratings analysts wrote in a report.