American Banker, Dec. 30, 2016–McKendry, Ian
The new year is shaping up to be the one in which sizable changes to the Dodd-Frank Act are finally enacted, thanks to Republican victories in the White House, Senate and House.
Category: Top National News
Did Obama’s Foreclosure Prevention Program Meet Its Goals?
Washington Post, Jan. 1, 2016–Merle, Renae
Nearly 1.6 million borrowers have seen their mortgage payments lowered through the Home Affordable Modification Program so far, but about a third of those people eventually fell behind on their payments again.
Foreclosure Starts Increase 7% in November: Black Knight
National Mortgage News, Dec. 22, 2016-Finkelstein, Brad
Foreclosure starts increased nearly 7% in November from the previous month, but when compared to the previous year, they were down by over 9%, according to Black Knight Financial Services.
The Challenges of a Ginnie Mae-Based Approach to Housing Finance Reform
HousingWire, Dec. 21, 2016–Swanson, Brena
One of the top GSE reform options on the table looks to the success of Ginnie Mae’s model and was conceived by two industry stalwarts who have the respect and experience to give it a fighting chance. But in order to make the reform possible, says Michael Stegman of the Bipartisan Policy Center, there are key changes, especially financially, that would need to happen.
Did Ginnie Just Eliminate a Major Hurdle to MSR Financing?
National Mortgage News, Dec. 21, 2016–Sinnock, Bonnie
Ginnie Mae, at the urging of the mortgage industry, has revised the wording of the acknowledgment agreements necessary to finance servicing rights. It hopes the move improves Ginnie MSRs’ liquidity.
Secondary Activity Up at Freddie Mac
Mortgage Daily, Dec. 21, 2016
Monthly business was modestly higher at Freddie Mac, as was the government-sponsored enterprise’s portfolio.
Non-Bank GSE Origination, Servicing Share Surges
Mortgage Daily, Dec. 21, 2016
The share of mortgages backed by Fannie Mae and Freddie Mac that are originated or serviced by non-bank companies has risen sharply in the last five years.
Credit Suisse Must Face New York Mortgage Suit, Court Says
Bloomberg, Dec. 13, 2016–Dolmetsch, Chris
Credit Suisse Group AG must face New York Attorney General Eric Schneiderman’s $10 billion lawsuit accusing the bank of fraud in the sale of mortgage-backed securities before the 2008 financial crisis, a state appeals court ruled Tuesday.
Here’s How a Fed Rate Hike Will Impact Mortgage Payments in 12 Major US Cities
Business Insider, Dec. 13, 2016–Perumal, Prashanth
Zillow calculated how a rate hike this week would affect mortgage payments in 12 major U.S. metros by comparing payments for a mortgage with a 4.0 percent rate to one with a 4.25 percent rate.
SoFi’s Debut Prime Jumbo RMBS Is Big Play on Silicon Valley
National Mortgage News, Dec. 13, 2016–Fest, Glenn
SoFi Lending Corp.’s securitization of its student loan refis for high net worth individuals is now a model for its recent expansion into super prime jumbo mortgages.