Associated Press, June 23, 2016
The law signed Thursday by Gov. Andrew Cuomo threatens banks with civil penalties up to $500 a day for failing to maintain residential properties once they’re aware of vacancies.
Category: Top National News
Fed Stress Tests: All Big Banks Clear Bar for Capital Requirements
Wall Street Journal, June 23, 2016–Tracy, Ryan; Borak, Donna
The largest U.S. banks have significantly bolstered their defenses against an economic downturn, and could continue lending even during a deep recession, the Federal Reserve said.
Retail Sector Grapples with Too Much Mortgage Debt and Delayed Price Recovery
National Real Estate Investor, Jun 23, 2016–Mitchell, Donna Commercial real estate professionals have been wondering how the market would deal with the wave of commercial mortgage debt maturing in the next year and a half, particularly at a time when lending standards are considerably more conservative than they were 10 years ago.
Ocwen Settles Whistleblower Lawsuits for $30M
National Mortgage News, June 23, 2016–Passy, Jacob
Ocwen Financial Corp. agreed to a $30 million settlement in two lawsuits alleging that the West Palm Beach, Fla.-based company violated the False Claims Act. The company will not admit any liability or wrongdoing as part of the settlement.
Why ‘Jumbo’ Mortgages are Now a Better Deal than Smaller Home Loans
Boston.com, June 27, 2016–Van Voorhis, Scott
It’s true but a bit counterintuitive. Banks will give you a better interest rate if you buy a more expensive and presumably bigger home.
New Bill Seeks to Stop Zombie Foreclosures
National Mortgage Professional, June 27, 2016–Hall, Phil
Sen. Bob Menendez, D-N.J., is planning to introduce the Preventing Abandoned Foreclosures and Preserving Communities Act of 2016, which is designed to address the issue of so-called zombie foreclosures.
Fitch Now Reviewing RMBS Deal Agents with Clayton
National Mortgage News, June 27, 2016–Passy, Jacob
Fitch Ratings and Clayton Holdings have launched an initiative to review residential mortgage-backed securities deal agents as part of the ratings agency’s RMBS master criteria.
MBA’s Stevens: Recap and Release is Reckless
National Mortgage Professional, June 14, 2016–Hall, Phil
The head of the nation’s most prominent mortgage banking trade group is warning that proposals to rebuild the capital reserves of the government-sponsored enterprises and then terminating their federal conservatorship would result in unprecedented damage to the housing finance market.
Commercial Debt Rises in the First Quarter
Scotsman Guide, June 14, 2016–Whitman, Victor
Three of the four major investors in commercial mortgages increased their debt holdings in the first quarter, the Mortgage Bankers Association reported.
Ryan Proposes House Republican Plan to Ease U.S. Regulations
Bloomberg, June 14, 2016–House, Billy
House Speaker Paul Ryan on Tuesday unveiled a regulatory overhaul plan that includes scaling back the 2010 Dodd-Frank financial regulation law, expanding energy production on federal land and limiting lawsuits against businesses.