Wall Street Journal, Mar. 27, 2017–Liz Hoffman (subscription)The departure of Michelle Gill, who headed Goldman’s mortgage-securitization business, is the end of an era of sorts.
Category: Top National News
Commercial, Multifamily Mortgage Delinquencies Remain Low in U.S.
World Property Journal, Mar. 14, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s most recent Commercial/Multifamily Delinquency Report, delinquency rates for commercial and multifamily mortgage loans remained low in the fourth quarter.
GOP Senator Suggests Raising Flood Insurance Cap to Solve Fiscal Woes
National Mortgage News, Mar. 14, 2017–Brian Collins (subscription)Sen. Mike Rounds, R-S.D., suggested Tuesday that the National Flood Insurance Program should boost its insurance coverage to $427,000 from $250,000 in an effort to put it on sounder fiscal footing.
Trump Nominates J. Christopher Giancarlo as CFTC Chairman
Wall Street Journal, Mar. 14, 2017–Andrew Ackerman (subscription)President Donald Trump on Tuesday picked J. Christopher Giancarlo to head the Commodity Futures Trading Commission, elevating a critic of the commission’s approach to postcrisis rules as its new chief.
Are We Heading Toward Another Subprime Mortgage Crisis?
CNN, Mar. 14, 2017–William PooleThe Federal Reserve bailed out Bear Stearns on March 14, nine years ago. What has the Fed learned from that mistake? Not enough, perhaps.
Fannie Mae Selling Another $1.68 Billion in NPLs to Goldman Sachs Subsidiary, Private Equity
HousingWire, Mar. 14, 2017–Ben LaneFannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs. The sale, which was originally announced last month, consisted of 9,400 non-performing loans that carry an unpaid principal balance of $1.68 billion.
Consumer Direct: It’s Not Just For Refis Anymore
National Mortgage News, Mar. 14, 2017–Bonnie Sinnock (subscription)The mortgage workforce is transforming. Dramatic shifts in consumer demand for home loans and expectations about the borrowing experience are requiring lenders to take a hard look at how they staff their operations.
Another Mortgage-Crisis Suit Settles for Pennies on the Dollar
New York Post, Mar. 15, 2017Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage.
CFPB Fines Nationstar $1.75M for HMDA Violations
National Mortgage News, Mar. 15, 2017–Kate Berry (subscription)Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination.
Goldman Sachs Goes on Buying Binge for Delinquent Mortgages
Wall Street Journal, Mar. 16, 2017–Liz Hoffman; Serena Ng (subscription)Goldman Sachs Group Inc. has become the largest buyer of severely delinquent home loans from mortgage giant Fannie Mae over the past year and a half, acquiring nearly two-thirds of $9.6 billion in loans the agency has auctioned, government records show.