Bloomberg, May 3, 2017–Laura J. Keller, Felice MaranzBank of America Corp. Chief Executive Officer Brian Moynihan said the Trump administration would harm U.S. businesses and undermine the financial system if it were to revive a Depression-era law separating consumer and investment banking.
Category: Top National News
Mid America Buys $2.7 Billion in Ginnie MSRs
National Mortgage News, May 3, 2017–Bonnie SinnockMid America Mortgage, Addison, Texas, purchased a $2.7 billion portfolio of Ginnie Mae mortgage servicing rights that its subservicer, LoanCare, took possession of Tuesday.
Can The Mortgage Interest Deduction Really End?
Mortgage Orb, May 3, 2017–Peter G. MillerThe mortgage interest deduction is less secure than fairy tale stories suggest; one can argue that it’s within a hair’s breadth of extinction.
NCUA RMBS Recoveries Surpass $5 Billion
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.
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.