Mortgage Daily, Sept. 7, 2017Ownership of mortgage servicing rights on a large portfolio of government-sponsored enterprise single-family loans is trading hands.
Category: Top National News
MBA CEO on the 9-Year Anniversary of GSE Conservatorship
HousingWire, Sept. 8, 2017″After nine years of this untenable status quo, GSE reform is of the utmost priority,” David Stevens, CMB, said in a blog post. “Congress has an obligation now to act to stabilize the housing finance system for the future and make it more resilient in economic downturns.”
Harvey Won’t Help Flagging Housing Market
Bloomberg, Sept. 8, 2017–Danielle DiMartino BoothSomething is up, or more likely down, with the U.S. housing market. And the reconstruction after Hurricane Harvey may not do much to help. (MBA mention)
Why the Return of Bigger Banks Means Bigger Risks for Everyone Else
New York Times, Sept. 8, 2017In an editorial, the NYT says weakening the regulation of institutions that are not banks would weaken a regulatory process that is already too restrained.
Equifax Breach May Kill Repeal of CFPB Mandatory Arbitration Rule
National Mortgage News, Sept. 8, 2017–Ian McKendry (subscription)The massive breach at Equifax is likely to hurt–and may ultimately doom–efforts by Republicans to overturn the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses.
Equifax Faces Multibillion-Dollar Lawsuit Over Hack
Bloomberg, Sept. 8, 2017–Polly MosendzA proposed class-action lawsuit was filed against Equifax Inc. late Thursday evening, shortly after the company reported that an unprecedented hack had compromised the private information of about 143 million people.
Florida Bankers Exhale After Irma Strikes
American Banker, Sept. 11, 2017–Jackie Stewart (free article)The Mortgage Bankers Association said it had received a lot of questions from homeowners who didn’t know how to start assessing damage from Harvey and Irma. The group encouraged customers to contact their loan servicers to find out about programs that could help them, along with their insurers and FEMA.
Wells Fargo Announces New Round of Layoffs in Charlotte Area
Charlotte Observer, Sept. 11, 2017–Deon RobertsWells Fargo has made more layoffs within its Fort Mill mortgage operation, according to a notice filed with the state of South Carolina. The layoffs stem from the closure of Wells’ reverse-mortgage servicing operating unit, a move impacting 120 jobs.
Why Pricing Terrorism Risk Remains a Challenge for CRE Insurers
National Mortgage News, Sept. 11, 2017–Elina Tarkazikis (subscription)The Terrorism Risk Insurance Act was created after 9/11 to serve as a crucial federal backstop for commercial real estate insurers, but an analysis of alternatives to fund the program reveals the continued challenges of measuring and predicting terror risk.
RMBS Exposure to Irma Could be High for a Single Storm
National Mortgage News, Sept. 11, 2017–Bonnie Sinnock (subscription)Private-label residential mortgage-backed securities could have more potential exposure to Hurricane Irma than any recent storm, and the hurricane also could have implications for agency and government markets.