National Mortgage News, Apr. 28, 2017–Brad Finkelstein (subscription)National foreclosure activity is at an 11-year low. There were more than 83,000 foreclosure filings nationwide in March, down 77% from a record 367,000 in September 2010. But some cities have yet to fully recover.
Category: Top National News
Why Servicing Still Hasn’t Recovered from the Foreclosure Crisis
National Mortgage News, Apr. 28, 2017–Bonnie Sinnock (subscription)Foreclosure activity continues to subside and most of the regulatory reforms created to protect distressed borrowers have been implemented. Yet mortgage servicers still haven’t fully resolved the operational challenges facing their business.
MBA’s Stevens Slams Calls to ‘Recap and Release’ GSEs
National Mortgage News, May 1, 2017–Brad Finkelstein (subscription)Mortgage Bankers Association President and CEO David Stevens is confident that housing finance reform will move forward under the Trump administration, but criticized calls to simply let the government-sponsored enterprises recapitalize and be returned to shareholders without additional reforms.
Consensus from MBA Secondary: The Time for GSE Reform is Now
HousingWire, May 1, 2017–Kelsey RamirezThe Federal Housing Finance Agency gave an update on the state of the lending market at the Mortgage Bankers Association’s Secondary conference in New York City, including its view that the credit box still holds room for expansion and its view on GSE reform.
U.S. Mortgage Agencies’ Overhaul May Take More than Five Years–Official
Reuters, May 1, 2017–Richard LeongIf there is a “very radical” reform of the two government-sponsored enterprises, “we need more time” for the transition, Robert Ryan, special adviser and acting deputy director at the FHFA that regulates Fannie and Freddie, said at a conference sponsored by the Mortgage Bankers Association.
Ocwen Nearing Massive MSR Deal with New Residential
HousingWire, May 1, 2017–Ben LaneAmid some concerns that New Residential Investment may pull some of its mortgage subservicing from Ocwen Financial, the two companies are reportedly close to a massive mortgage servicing rights deal that would alleviate some of Ocwen’s business concerns and make New Residential a significant investor in Ocwen itself.
Buyer Sought for Agency Mortgage Kickbacks
Mortgage Daily, Apr. 19, 2017Mortgage Industry Advisory Corp, announced the offering on Wednesday. The seller is a large non-bank originator.
Americans Have Lodged Thousands of Mortgage Complaints with the Agency Republicans Want to Gut
MarketWatch, Apr. 19, 2017–Andrea RiquierAs the Consumer Financial Protection Bureau, an agency established in the aftermath of the financial crisis to protect ordinary Americans from bad behavior by companies, comes under fire from the Trump administration and Congressional Republicans, a new analysis shows a steady drumbeat of consumer complaints about mortgage products–especially those that touch the most vulnerable Americans.
House Panel to Hold Hearing on Dodd-Frank Overhaul Plan Next Week
National Mortgage News, Apr. 19, 2017–Ian McKendry (subscription)The House Financial Services Committee will hold a hearing on a GOP Dodd-Frank overhaul plan next Wednesday as Chairman Rep. Jeb Hensarling, R-Texas, hopes to have a panel vote on the bill by the end of the month.
Monument to Wall Street Glory Becomes Just Another Mortgage Loss
Bloomberg, Apr. 19, 2017–Matt Scully, David M. LevittFormerly the U.S. trading hub for UBS Group AG, the sprawling office complex is dealing debt investors a $100 million loss years after the Swiss bank cut back its operations in the New York suburbs. AVG Partners, the private equity firm that now owns the property, has bought the defaulted mortgage in hopes of buying time to lease out the complex and, eventually, sell it.