Category: Top National News

Financial times, Sept. 11, 2017–Jessica Dye (subscription)A decade after the financial crisis, the US has filed a civil lawsuit accusing the former head of subprime trading at Deutsche Bank of misleading investors about the characteristics of loans backing more than $1bn worth of securitisations that resulted in hundreds of millions of dollars in investor losses.

Bloomberg, Sept. 7, 2017–Laura J KellerThe underlying mortgages are all guaranteed by Fannie Mae or Freddie Mac, San Francisco-based Wells Fargo said Thursday in a statement that didn’t include terms. The serving rights will be reflected in third-quarter results.

National Mortgage News, Aug. 29, 2017–Bonnie Sinnock (subscription)Mortgage companies’ net gain for each loan they originated between April and June rose to $1,122 from $224, according to the Mortgage Bankers Association.

Associated Press, Aug. 29, 2017–Bernard Condon, Ken Sweet”There’s going to be a huge uninsured economic loss here,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.

Sentinel & Enterprise (Fitchburg, Mass.), Aug. 29, 2017–Philip DeFronzoThe author, founder and CEO of Norcom Mortgage, expresses support for MBA plan on GSE reform.

Scotsman Guide, Aug. 29, 2017–Victor WhitmanThe Trump administration announced Tuesday that it was raising the premiums for most reverse mortgages and lowering the maximum amount that can be borrowed in an effort to stem the tide of losses to the Federal Housing Administration insurance fund. The nation’s largest mortgage trade group, the Mortgage Bankers Association, praised the move as a way for the program to remain financially viable.

HousingWire, Aug. 29, 2017–Brena SwansonHUD is changing the requirements around its reverse mortgage program, announcing plans on Tuesday to raise premiums and place tighter loan limits.

Mortgage Daily, Aug. 29, 2017Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.

CBS North Carolina, Aug. 29, 2017–Robert RichardsonA six-year audit by the Special Inspector General for the Troubled Asset Relief Program found the agency spent thousands of TARP dollars on meals for employees. The audit found $3 million in improper expenses across 18 states which receive TARP funding, as well as the District of Columbia.

Barron’s, Aug. 30, 2017–Amey StoneMajor flooding in Texas is putting at risk about $19.4 billion in properties financed by commercial mortgage-backed securities, according to Morningstar Credit Ratings.