Wall Street Journal, May 23, 2017–Esther Fung (subscription)Bond rating companies are looking closer at securities tied to shopping mall debt as concerns intensify about mall owners’ ability to repay their mortgages amid closures of anchor stores.
Category: Top National News
Freddie, Fannie Could See Reduced Role if U.S. Starts Guaranteeing Certain Mortgage Securities
The Street, May 24, 2017–Tony OwusuTreasury Secretary Steve Mnuchin said the Trump administration is considering adding a government backstop to the mortgage market, allowing the government to guarantee certain mortgage securities, reducing the role of federal home loan financiers Fannie Mae and Freddie Mac.
Mixed Signals on CFPB Constitutionality from Appeals Court Justices
National Mortgage News, May 24, 2017–John Heltman (subscription)Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments Wednesday, with some judges suggesting the court had no power to decide otherwise while others said the current system was illogical and illegal.
Could Wells Fargo Scandal Boost Mortgage Discriimination Lawsuits? L.A., Others Hope So
Los Angeles Times, May 25, 2017–James Rufus KorenA recent Supreme Court decision that will allow mortgage discrimination cases against Wells Fargo and other banks to proceed is more than just another bad headline for the San Francisco financial giant.
Damon Paxson: When It Comes To The HOA/COA Lien Process, Misconceptions Abound
Mortgage Orb, May 24, 2017–Patrick BarnardWorking with homeowners associations and condo owners associations often leads to confusion among servicers–and that confusion may lead to problems during the lien process.
Non-Performing Mortgages Offered for Sale
Mortgage Daily, May 24, 2017The offering is for 44 non-performing single-family loans that have a collective unpaid principal balance of $4.3 million.
Dodd-Frank Overhaul Bill Advances Closer to House Vote
National Mortgage News, May 25, 2017–Ian McKendry (subscription)A bill to overhaul the Dodd-Frank Act could get a vote in the full House as early as June 7.
SunTrust Fined $1.5 Million by Federal Reserve for Violations of Flood Insurance Act
HousingWire, May 25, 2017–Ben LaneSunTrust Bank will pay a fine of more than $1.5 million for the bank’s “pattern or practice of violations” of a portion of the National Flood Insurance Act, the Board of Governors of the Federal Reserve announced on Thursday.
U.S. Home Equity is Back, So Why Aren’t More People Borrowing?
Associated Press, May 25, 2017–Christopher S. RugaberHome prices have recovered and housing equity now equals 58 percent of home values–the highest point since 2006. Yet borrowing against that equity has barely budged from post-recession lows, which helps explain why consumer spending remains weak eight years after the Great Recession ended. (MBA mention)
For Sale: MSRs on Over $1 Bil in Ginnie Loans
Mortgage Daily, May 25, 2017Mortgage servicing rights on more than $1 billion in Ginnie Mae loans with a Texas concentration are being marketed for sale.