Category: Top National News

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.

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.

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.

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.

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.

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.

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.

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.