National Mortgage News, Sept. 19, 2017–Bonnie Sinnock (subscription)A mortgage investors’ group is calling for Freddie Mac to change policies related to how delinquencies from recent storms affect certain credit risk transfer securities.
Category: Top National News
MBS Issuance Up at Ginnie Mae
Mortgage Daily, Sept. 19, 2017As of Aug. 31, Ginnie Mae reported $1.8706 trillion in mortgage-backed securities outstanding, according to monthly operational data.
Toys ‘R’ Us Shows Real Estate Can’t Save Retailers
Bloomberg, Sept. 19, 2017–Lisa AbramowiczThe company has sought to prop up its failing business model for years by shuffling debt around and adding leverage to less-encumbered assets. This has undermined the extra safety and value that the real estate should have provided.
Ginnie Servicers Shudder at Hurricane Losses; Some Plan HUD Appeal
Debtwire.com, September 2017–Al YoonMortgage servicers facing millions of dollars in hurricane-related losses are considering an appeal for relief from a U.S. government policy that leaves them on the hook when a property is irreparably damaged, according to two sources familiar with the effort.
Lenders Make Riskier Mortgages as Closing Rate Up
Mortgage Daily, Sept. 20, 2017Compared to a year ago, home lenders took more risk on mortgages closed last month as government share has widened. Closing ratios and turnaround improved from a month earlier.
As the Fed Steps Back From Mortgage Market, REITs Gear Up to Buy
Bloomberg, Sept. 21, 2017–Claire BostonMany fund managers are fearful about the Federal Reserve shedding its massive $1.78 trillion mortgage bond portfolio, a step it plans to start next month. Some investors say it’s time to get greedy. Some mortgage bond fund managers known as real estate investment trusts have been raising cash at their fastest pace since 2013, giving them enough new capacity to buy more than $30 billion of the securities.
GOP Undeterred on Arbitration Rule Repeal Despite Wells, Equifax
National Mortgage News, Sept. 21, 2017–Ian McKendry (subscription)Democrats have striven to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering on their desire to overturn it.
Second FHA Tour Would Be Much Different for Montgomery
National Mortgage News, Sept. 21, 2017–Brian Collins (subscription)Nominated last week as FHA commissioner, Brian Montgomery would lead an agency with a much better delinquency rate, but face new challenges.
SEC Chairman Says Agency Didn’t Do Enough to Size Up 2016 Hack
Wall Street Journal, Sept. 25, 2017–Dave Michaels (subscription)In testimony to Senate committee, Jay Clayton is expected to promise to intensify how Securities and Exchange Commission defends itself against hackers.
Mortgage Compliance and Quality Control Help
Mortgage Daily, Sept. 25, 2017–Sam GarciaOne mortgage technology provider is helping lenders comply with upcoming changes on reporting requirements. Quality control is the focus of another service provider.