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.
Category: Top National News
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.”
CFPB’s Final Mortgage Servicing Rule Implementation Possibly Delayed
HousingWire, Jan. 25, 2017–Swanson, BrenaThe implementation date of the Consumer Financial Protection Bureau’s final mortgage servicing rule lies in question after the Trump administration announced a freeze on federal regulations.
Why FHFA Is Seeking More Data on Chattel Loans
National Mortgage News, Jan. 25, 2017–Collins, BrianThe Federal Housing Finance Agency is seeking a significant amount of information from lenders that specialize in making chattel loans to manufactured homebuyers due to a lack of reliable data on the market.
Nonprime RMBS Issuance Expected to Accelerate
Mortgage Daily, Jan. 25, 2017Mortgage securitizations backed by nonprime loans are expected to see a substantial increase this year as lenders move away from prime refinances.