Scotsman Guide, Dec. 4, 2017–Victor WhitmanMBA President and CEO David Stevens said in a statement “this package will protect the ability of most Americans to obtain safe, decent shelter and affordable home mortgage credit without disruption.” MBA has previously expressed alarm at GOP proposals that would minimize housing incentives.
Category: Top National News
GOP’s Late Changes to Tax Bill Buoy Key Industries
Wall Street Journal, Dec. 4, 2017–Kate Davidson, Joshua Jamerson (subscription)Republican senators inserted last-minute changes into their tax overhaul bill early Saturday morning, including ones aimed at helping oil and gas companies, cruise-ship operators, auto dealers, universities and mortgage bankers.
Common Securitization Platform Testing Taking Longer than Expected
National Mortgage News, Dec. 4, 2017–Brad Finkelstein (subscription)Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won’t delay the 2019 launch of Fannie Mae and Freddie Mac’s new single “uniform mortgage-backed security.”
Wells Fargo Sees Highest NPL Volume Trading Since Crisis
HousingWire, Dec. 4, 2017–Jacob GaffneyWells Fargo Securities analysts Vipul Jain, Philip Hong, and Samuel Cecil keep a close eye on the secondary mortgage markets for their clients. In their latest email, the analysts note that November was jam-packed with non-performing loan trading volume.
Ocwen Settlement-Palooza Sees $36 Million Going Out, $30 Million Coming Back In
HousingWire, Dec. 4, 2017–Ben LaneOn Monday, Ocwen disclosed that it reached more settlements in various matters, including an additional settlement with investors related to the company’s previously restated earnings, and a settlement with CIT Bank over a 2013 MSR deal.
Tax Reform Could Hit Certain States Harder than Others
CNBC, Dec. 2, 2017–Lorie KonishNow that the Senate passed a sweeping tax reform bill, proposed changes to state and local tax and mortgage deductions could be especially damaging to those residents in states with higher tax rates.
Trump Picks Hensarling Aide to Help Mulvaney Lead CFPB
HousingWire, Dec. 1, 2017–Ben LaneWhile Democrats vow that they’re not ready to hand the leadership of the Consumer Financial Protection Bureau over to Mick Mulvaney without a fight, the Trump administration is moving forward with helping Mulvaney staff up in his new position.
Walter Investment Files Bankruptcy
Mortgage Daily, Dec. 1, 2017Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.
Loan Production Expenses Hurt Bank Profits
Mortgage News Daily, Nov. 30, 2017–Jann SwansonMortgage bank profits declined in the third quarter when compared to the second quarter, but remained substantially higher than in the two quarters that preceded it, the Mortgage Bankers Association said.
The Surprising State With the Highest Hidden Flood Risk
Wall Street Journal, Nov. 30, 2017–Adam Bonislawski (subscription)Which state has the highest hidden flood risk? Take a guess. Heck, take 49 guesses. You might not get it even then. (It’s Arizona.)