HousingWire, Jan. 26, 2017–Swanson, BrenaThe Urban Institute posted a blog on the recent HUD announcement, stating that not only is the suspension a good idea but it should continue until the FHA Mutual Mortgage Insurance Fund can build up more money.
Category: Top National News
Morningstar: Here’s the Impact of Rising Interest Rates on Mortgage-Backed Securities
HousingWire, Jan. 26, 2017–Lane, Ben Morningstar suggests that between the Fed’s decision to raise rates and the indication that more rate increases are to come, mortgage-backed securities prepayments will fall throughout 2017.
Remember Those Risky Subprime Mortgage Wagers? Something Similar May Be Returning to the Market
Bloomberg, Jan. 29, 2017–Scully, MattJPMorgan Chase, Bank of America and Credit Suisse Group have given price data to the startup, New York-based Vista Capital Advisors, which rolled out the latest version of its pilot initiative this month.
Citigroup Exiting Business of Servicing Mortgages
Wall Street Journal, Jan. 30, 2017–Rexrode, ChristinaThe bank is expected to announce Monday that it is selling servicing rights of 780,000 mortgages backed by Fannie Mae and Freddie Mac to a subsidiary of New Residential Investment Corp.
Quicken Originations, Servicing and Staffing Up
Mortgage Daily, Jan. 27, 2017Quicken Loans Inc.’s home lending volume, servicing portfolio and employee count moved up both on a quarter-over-quarter and year-over-year basis.
Fed to Stop Mortgage Reinvestments in 2018: Morgan Stanley
Reuters, Jan. 27, 2017–Leung, RichardThe U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday.
Mortgage Bond Trader Jesse Litvak Convicted of Fraud, Again
HousingWire, Jan. 27, 2017–Lane, BenThe tale of Jesse Litvak may finally be moving toward an ending, as a federal jury on Friday found the former Jefferies managing director and mortgage-backed securities trader guilty on one count of fraud.
New Residential Plans $800M Stock Offering to Pay for Citi MSRs
National Mortgage News, Jan. 30, 2017–Jacob PassyNew Residential Investment Corp. is planning a public offering of more than 49.2 million shares of its stock to pay for its purchase of mortgage servicing rights from CitiMortgage.
PHH Seeks to Block State AGs from Intervening in CFPB Case
National Mortgage News, Jan. 30, 2017–Kate BerryPHH Corp. is opposing an attempt by Democratic attorneys general in 16 states and the District of Columbia to intervene in an appeals court case that found the Consumer Financial Protection Bureau’s structure was unconstitutional.
Trump’s Bid to Slash Regulations Faces Bureaucratic Roadblocks
Bloomberg, Jan. 30, 2017–Todd Shields; Jennifer A. DlouhyPresident Donald Trump set a daunting goal for government agencies bound by complex procedures, ordering his department heads to kill two regulations for each new one they issue.