Mortgage Daily, Dec. 13, 2016
Monthly operational data indicate that there were $1.7506 trillion in outstanding Ginnie Mae mortgage-backed securities as of Nov. 30.
Category: Top National News
‘Flex Mod’ to Replace HAMP at Fannie and Freddie
National Mortgage News, Dec. 14, 2016–Passy, Jacob
Fannie Mae and Freddie Mac will replace the expiring Home Affordable Mortgage Program with a new loss mitigation option called the Flex Modification. The Mortgage Bankers Association had proposed a successor to HAMP called “One Mod” in September based on the work of a task force with representatives from 20 member companies.
Lenders Fear Congress May Neuter Mortgage Interest Deduction
National Mortgage News, Dec. 14, 2016–Collins, Brian
With Republican control of Congress secure and the White House soon to be in GOP hands, lawmakers are optimistic they can pass a bill that lowers tax rates and reduces a number of deductions. That includes the mortgage interest deduction.
TransUnion Forecasts Credit Delinquencies Will Decrease in 2017
HousingWire, Dec. 14, 2016–Ramirez, Kelsey
While mortgage delinquencies are going down, mortgage debt levels are expected to increase by nearly $4,000 from $194,875 in the fourth quarter this year to $198,435 at the end of 2017.
SunTrust Fails One National Mortgage Settlement Test in First Quarter
HousingWire, Dec. 15, 2016–Swanson, Brena
The metric failed tests whether SunTrust properly collected default-related fees from borrowers. Those fees include property preservation fees, valuation fees and attorneys’ fees.
GSE Refinances Fall, Slowest HARP Month on Record
Mortgage Daily, Dec. 15, 2016
Just a month after surging to a three-year high, refinances of government-sponsored enterprise loans fell — with federally funded transactions falling to a record low.
Federal Reserve Adopts Bailout-Prevention Rule Without Major Changes
Wall Street Journal, Dec. 15, 2016–Tracy, Ryan
The Federal Reserve on Thursday adopted a bailout-prevention rule that will force big banks to issue substantial amounts of new long-term debt-one of the finishing touches to its new regulatory regime for big firms.
FHFA Continues to Push Fannie, Freddie on Credit-Risk Sharing
National Mortgage News, Dec. 15, 2016–Collins, Brian
A regulatory 2017 scorecard for Fannie Mae and Freddie Mac calls on the firms to transfer a significant portion of credit risk to third-party private investors on at least 90% of unpaid principal balance of newly acquired single-family mortgages.
Wells Fargo Sued Over Missing Info in ARM Reset Notices
National Mortgage News, Dec. 15, 2016–Button, Keith
Wells Fargo’s disclosure documents notifying borrowers of pending adjustable-rate mortgage resets are defective because they do not include information for a single point of contact at the bank, a lawsuit filed in California claims.
How Not to Build a Supermall: $5 Billion, 5 Governors, 3 Developers, and 15 Years
Bloomberg Businessweek, Dec. 15, 2016–Berfield, Susan; Marritz, Ilya; Reitmeyer, John
Chris Christie once called American Dream “the ugliest damn building in New Jersey.” Will it ever open?