Wall Street Journal, June 25, 2017–Ryan Tracy (subscription)The Federal Reserve on Wednesday will release the final results of this year’s tests, which probe firms’ ability to withstand a severe financial shock. Officials made the tests easier for some banks this year, and for the next time around they are preparing to further change the exams in fundamental ways.
Category: Top National News
Sears Closing Another 20 Stores Amid Ongoing Sales Slide
Fortune, June 23, 2017–Phil WahbaYou can add another 20 Sears and Kmart stores to retail’s graveyard.
A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row
Bloomberg, June 23, 2017–Oshrat CarmielAnother luxury condo at Manhattan’s One57 is scheduled for a foreclosure auction–the second time in a month that a property seizure is being sought at the Billionaires’ Row tower following a mortgage default. And it might be the biggest in New York City residential history.
Senators Said to Consider Breaking Fannie-Freddie Into Pieces
Bloomberg, June 27, 2017–Joe LightThe proposal by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner would attempt to foster competition in the secondary mortgage market, where loans are packaged into bonds and sold off to investors. Warner said last week at a Mortgage Bankers Association conference that he and Corker had found consensus on a number of issues.
Banking Lobby Pushes for CFPB Commission
Scotsman Guide, June 26, 2017–Victor WhitmanMost of the nation’s largest trade groups, including the Mortgage Bankers Associaton, signed onto a letter recently sent to leaders of the U.S. Senate and House appropriations committees to make the case that Congress should restructure the CFPB as a five-panel bipartisan commission.
The Downside of Scaling Back the CFPB Complaint Database
National Mortgage News, June 26, 2017–Kevin Wack (subscription)Banks and other lenders say they can be unfairly maligned by consumers whose grievances that have not been vetted for accuracy. Industry groups also chafe at how the Consumer Financial Protection Bureau cites numbers from the database without some of the relevant context.
Senior Mortgage Executives’ Non-GSE Outlook Strong
Mortgage Daily, June 26, 2017Senior mortgage banking executives expect demand for non-agency programs will intensify. At the same time, the group expects requirements on such programs to ease.
Editor’s Note
MBA Servicing NewsLink will not publish on Tuesday, July 4 in observance of the Independence Day holiday. The next issue will push forward to Wednesday, July 5. On behalf of MBA officers and staff, have a safe and happy holiday.
U.S. Commercial Mortgages Oustanding Reach Record $3 Trillion–MBA
Reuters, June 13, 2017–Richard LeongU.S. commercial real estate loans outstanding topped $3 trillion for the first time ever at the end of the first quarter, the Mortgage Bankers Association said on Tuesday.
As Banks Exit Servicing, Capital Markets Get a Taste for MSRs
National Mortgage News, June 13, 2017–Bonnie Sinnock (subscription)While defaults and delinquencies are returning to pre-crisis levels, new compliance obligations that came out of the Great Recession have kept the cost to service mortgages elevated.