National Mortgage News, June 28, 2016–Collins, Brian
The Federal Home Loan banks of Topeka and San Francisco signed up to participate in a Mortgage Partnership Finance program that pools and securitizes government-backed loans via Ginnie Mae.
Category: Top National News
Fed Rejects Morgan Stanley in Annual Stress Test
Fortune, June 29, 2016–Gandel, Stephen
On Wednesday, the Federal Reserve said that Morgan Stanley had to resubmit its stress test for “qualitative” reasons. It was the only U.S. bank not to fully pass this year’s stress test.
Fed Stress Tests Clear 31 of 33 Big U.S. Banks to Boost Returns to Investors
Wall Street Journal, June 29, 2016–Tracy, Ryan; Borak, Donna
U.S. banking units of Deutsche Bank, Santander fail, same as last year; Morgan Stanley’s approval is conditional and bank has to resubmit capital plan.
Clash Brewing over Robo-Calls from Mortgage Servicers
National Mortgage News, June 29, 2016–Wack, Kevin
In the aftermath of the foreclosure crisis, the federal government wants mortgage companies to be proactive in reaching out to delinquent borrowers. At the same time, the Obama administration is also trying to protect U.S. consumers from unwanted calls to their cellphones.
FHFA Seeks Comments on Front-End Risk Transfer Deals for Fannie, Freddie
National Mortgage News, June 29, 2016–Collins, Brian
The Federal Housing Finance Agency is soliciting industry input on how to improve Fannie Mae and Freddie Mac’s credit risk transfer transactions, for the first time considering front-end transactions rather than back-end deals.
Supreme Court to Hear Case Involving Where Fannie Can Be Sued
National Mortgage News, June 29, 2016–Passy, Jacob
The Supreme Court agreed Tuesday to hear a case regarding a clause in Fannie Mae’s corporate charter that awards jurisdiction over every case involving the government-sponsored enterprise to federal courts.
Ohio Signs Fast-Track Foreclosure Law
HousingWire, June 29, 2016–Ramirez, Kelsey
Ohio passed legislation yesterday that seeks to prevent zombie homes, or vacant or abandoned residential property, by enacting a fast-track process for mortgage foreclosures.
Fannie Mae, Freddie Mac Resolve Just 24% of Non-Performing Loans
HousingWire, June 30, 2016–Ramirez, Kelsey
The first nonperforming loan report from the Federal Housing Finance Agency, released today, shows Fannie Mae and Freddie Mac “resolved” just 24% of its total inventory of non-performing loans.
Fannie Mae’s Mortgage Portfolio Value Tumbles
DSNews, June 30, 2016–Honea, Brian
Having fallen below its 2016 cap of $339.3 billion in March, Fannie Mae’s gross mortgage portfolio contracted further in both April and May, shrinking at an annual rate of 32.0 percent in May, according to Fannie Mae’s May 2016 Monthly Volume Summary.
American Modern Insurance Group Fined $1M for Over-Charging on Force-Placed Insurance
HousingWire, June 30, 2016–Lane, Ben
Minnesota announced earlier this week that it is fining American Modern Insurance Group $1 million for overcharging Minnesota residents for force-placed insurance.