Mortgage Daily, May 3, 2017The National Credit Union Administration announced it collected $445 million from UBS to settle residential mortgage-backed securities losses at two failed corporate federal credit unions.
Category: Top National News
Originations Hold Up at Ocwen
Mortgage Daily, May 3, 2017Home lending activity was off at Ocwen Financial Corp. The West Palm Beach, Florida-based organization experienced a pre-tax loss of $30 million during the first quarter.
Trump Tax Cuts Could Force GSEs to Borrow from Treausry
National Mortgage News, May 5, 2017–Bonnie Sinnock (subscription)While proposed corporate tax cuts by the Trump administration would largely be good for Fannie Mae and Freddie Mac, they would be required to make an initial adjustment that could force a draw from their line of credit with the Treasury Department.
Is Systemic Risk a Dodd-Frank Fallacy?
American Banker, May 5, 2017–Paul H. Kupiec (subscription)As Treasury Department officials review the Financial Stability Oversight Council’s designation process, they should also reexamine how the Dodd-Frank Act defines systemic risk.
Should Servicers Still Be Outsourcing REO Disposition?
HousingWire, May 5, 2017–Matt SlonakerBy all accounts, our industry is moving well into the recovery. For some players, including the nation’s banks and capital markets investors who have invested heavily in distressed loan portfolios, this is misleading.
Essent’s Net Income Increases 39% on New Policy Growth
National Mortgage News, May 5, 2017–Brad Finkelstein (subscription)Essent Group Ltd., the Hamilton, Bermuda-based parent of Essent Guaranty, reported first-quarter net income of $66.6 million. This was an increase of nearly 39% over the $48 million net income for the first quarter of 2016. Total revenue increased to $127.6 million from $102.5 million one year ago.
SEC Said to Plan No Action on Deutsche Bank Mortgage-Bond Losses
Bloomberg, May 5, 2017–Matt ScullyThe Securities and Exchange Commission isn’t planning to bring an enforcement action tied to Deutsche Bank AG’s losing nearly $550 million on mortgage-bond trades, after the lender’s own probe found no evidence of wrongdoing.
Lies Traders Tell: A New Trial, a New Worry in Mortgage-Bond Circles
Bloomberg, May 5, 2017–Matt Scully, Chris DolmetschIn the stock market, the tape never lies. In the bond market, sometimes traders do. That’s the message federal authorities have been sending for years as they’ve targeted dubious practices on Wall Street bond desks.
Fed Should Start Trimming Balance Sheet in Second Half: Bullard
Reuters, May 5, 2017–Ann Saphir, Howard SchneiderThe Federal Reserve has interest rates right where they should be, but should start trimming its massive balance sheet in the second half of the year, St. Louis Federal Reserve Bank President James Bullard said on Friday.
Former Ginnie Mae President Says Fannie and Freddie Reform Takes ‘Real Work’
HousingWire, May 8, 2017–Brena SwansonJoseph Murin, former president of Ginnie Mae from 2007 to 2008 under former President George W. Bush, is pretty confident that the 115th Congress can finally tackle GSE reform, he told the Mortgage Bankers Association in this MBA Insights piece.