HousingWire, June 2. 2017–Ben LaneAccording to the S&P report, 2017’s total RMBS-related issuance, which S&P defines as prime, re-performing/nonperforming, rental bonds, servicer advances, and risk-sharing deals, sat at $27 billion at the end of May.
Category: Top National News
CMBS Delinquency Highest Since 2015
Mortgage Daily, June 2, 2017Performance on securitized commercial real estate loans was worse in any month since 2015, said Morningstar Credit Ratings LLC.
These Loans Were Created to Help Homeowners, But for Some They Did the Opposite
Los Angeles Times, June 4, 2017–Andrew KhouriConsumer groups, regulators and lawmakers are increasingly raising concerns about Property Assessed Clean Energy loan programs, which are authorized by governments but largely administered and funded by private lenders.
Court is in Session: What Does the CFPB/PHH Case Mean for Lenders?
HousingWire, June 5, 2017–Brena SwansonThe Consumer Financial Protection Bureau and PHH entered their next court room battle, and possibly their last, to finally answer at least two major issues plaguing the industry.
Consumer Bankruptcy Filings Increase
Mortgage Daily, June 5, 2017The American Bankruptcy Institute said businesses and consumers collectively filed 69,668 new cases in the nation’s bankruptcy courts in May.
2017 RMBS Issuance Well Ahead of 2016
Mortgage Daily, June 5, 2017S&P Global said volume of residential loan securitizations has more than doubled the level activity at the same point last year.
U.S. Looks To Get Mortgage Giants Fannie And Freddie Out Of Conservatorship
Morning Edition (NPR), May 23, 2017–Charles LaneMortgage Bankers Association President and CEO David Stevens says the conundrum that lawmakers are trying to solve is how to keep home prices affordable by keeping the 30-year mortgage but to do it without having taxpayers take all the risk.
The Case That Could Doom Elizabeth Warren’s Wall Street Watchdog
Bloomberg, May 23, 2017–Elizabeth DexheimerThe fate of the Consumer Financial Protection Bureau and its chief, Richard Cordray, is in the hands of a Washington appeals court that will hear arguments Wednesday. The CFPB asked the court to reconsider its 2016 decision involving the agency’s punishment of New Jersey mortgage company PHH Corp.
CFPB to Directly Supervise Service Providers; Vendors React
Dodd-Frank Update, May 23, 2017 (suscription)The Consumer Financial Protection Bureau quietly announced that it plans to begin direct supervision of service providers. Two industry veterans spoke to Dodd Frank Update about the implications service providers face if direct third-party oversight by the bureau becomes a reality.
U.S. Federal Home Loan Banks Rely Less on Short-Term Debt: FHFA’s Watt
Reuters, May 23, 2017–Richard LeongThe U.S. Federal Home Loan Bank system has made progress in depending less on short-term debt to fund its longer-term assets through the sale of longer-dated bonds, Federal Housing Finance Agency Director Melvin Watt said on Tuesday.