The Hill, Feb. 3, 2017–John AgostinelliSen. Elizabeth Warren, D-Mass., who led the establishment of the Consumer Financial Protection Bureau, has vowed to fight any changes to the regulator. David Stevens, CEO and president of the Mortgage Bankers Association said, “We are now in an environment in which the pendulum has clearly swung too far and created the most extraordinary regulatory framework that has ever existed in the nation.
Category: Top National News
CFPB’s Cordray Signals He Has No Intention of Resigning
National Mortgage News, Jan. 24, 2017–Berry, KateConsumer Financial Protection Bureau Director Richard Cordray sent his strongest signal to date on Tuesday that he has no intention of resigning ahead of his term expiring next year even if asked to by President Donald Trump.
Blackstone Wins Fannie’s Backing for Rental Home Debt
Wall Street Journal, Jan, 24, 2017–Dezember, RyanFannie Mae agreed to backstop up to $1 billion in debt from the country’s largest owner of single-family rental homes, the first time the government-sponsored entity has agreed to guarantee the debt of an institutional owner of single-family houses.
Remember ABX? Wall Street Said to Test New Mortgage Index
Bloomberg, Jan. 24, 2017–Scully, MattA bond-market startup is a step closer to reviving crisis-era derivatives that let investors bet on U.S. homeowner defaults.
ServiceLink Fined $65M for LPS Robo-Signing Activities
National Mortgage News, Jan. 24, 2017–Passy, JacobFederal banking agencies have levied a $65 million fine against Fidelity National Financial subsidiary ServiceLink Holdings over deficiencies in the foreclosure-related services provided by its predecessor company.
Wells Fargo Customers to Receive $50 Million for Overcharged Mortgage Fees
HousingWire, Jan. 24, 2017–Lane, BenBorrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 could soon receive their share of a $50 million settlement, which stemmed from charges that Wells Fargo overcharged borrowers for Broker’s Price Opinions during the time period in question.
A $90 Billion Debt Wave Shows Cracks in U.S. Property Boom
Bloomberg, Jan. 24, 2017–Mulholland, Sarah A $90 billion wave of maturing commercial mortgages, leftover debt from the 2007 lending boom, is laying bare the weak links in the U.S. real estate market.
Ginnie Mae MSRs Up for Auction
Mortgage Daily, Jan. 24, 2017The offering includes MSRs on 6,636 residential loans with an aggregate unpaid principal balance of $781 million as of Dec. 31, 2016.
Mall Owners Rush to Get Out of the Mall Business
Wall Street Journal, Jan. 24, 2017–Fung, EstherMall landlords are increasingly walking away from struggling properties, leaving creditors in the lurch and posing a threat to the values of nearby real estate.
Foreclosure Prevention Returns to the Unknown
New York Times, Jan. 25, 2017–Cowley, StacyThe expired Obama-era program–known as HAMP, the Home Affordable Modification Program–was widely criticized for its poor execution. “There’s tremendous public good in having an industrywide approach,” said Justin Wiseman, the director of loan administration policy at the Mortgage Bankers Association, a trade group. “No one wants things to revert to what we had before.”