Mortgage Daily, Apr. 19, 2017Mortgage Industry Advisory Corp, announced the offering on Wednesday. The seller is a large non-bank originator.
Category: Top National News
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.
Tax Reform Before August is Unlikely, Mnuchin Says
Los Angeles Times, Apr. 18, 2017–Jim PuzzangheraThe Trump Administration is unlikely to meet its self-declared August deadline for enacting tax reform, Treasury Secretary Steven Mnuchin said, which will make it more difficult for companies to factor any changes into their spending decisions.
Lawmakers Push for Tougher Disclosures on Energy Loans
National Mortgage News, Apr. 18, 2017–Brian Collins (subscription)Lawmakers from both political parties are showing an interest in improving disclosures for loans used to upgrade home heating and cooling systems, including the installation of solar panels, an idea that has some in the industry increasingly nervous.
Now Is the Time–Make Housing Reform a Priority
HousingWire, Apr. 20, 2017–David Stevens, CMBMBA President and CEO outlines details of association’s proposal for future of Fannie Mae, Freddie Mac, secondary mortgage market.
Fannie-Freddie Plan Would Create Utilities, Add Competitors
Bloomberg, Apr. 20, 2017–Joe LightThe Mortgage Bankers Association proposal released Thursday calls for the U.S. government to remain involved in the housing market, putting its guarantee behind mortgage-backed securities that the firms issue but no longer backstopping the companies themselves.
Does the MBA’s GSE Reform Plan Finally Address a Key Roadblock?
HousingWire, Apr. 20, 2017–Brena SwansonNearly eight years of conservatorship has turned talks of reforming Fannie Mae and Freddie Mac into a myth that the industry might discuss but doesn’t believe will actually happen. MBA could have the solution. A big portion of the MBA’s white paper, “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market,” addresses what the GSE reform process will look like.
MBA Outlines Privatization Plan for Fannie, Freddie
National Mortgage News, Apr. 20, 2017–Brian Collins (subscription)”It provides a clear road map that first prepares the regulatory foundation that will create the infrastructure necessary to implement GSE reform and then transforms the GSEs to guarantors under new charters,” said Rodrigo Lopez, the group’s chairman.