National Mortgage News, June 1, 2016–Finkelstein, Brad
The move towards a single mortgage security is moving too slowly, and that could result in a setback for this program after the election, Mortgage Bankers Association CEO Dave Stevens said.
Category: Top National News
Do You Think CFPB TRID Changes will Heal Mortgage Market?
HousingWire, June 1, 2016–Swanson, Brena
The Consumer Financial Protection Bureau TRID rule is finally up for revisions after industry cries for changes and clarifications.
New GSE Single Security On Track To Go Live In 2018
MortgageOrb.com, June 1, 2016–Barnard, Patrick
The new single security and related platform being developed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac should be ready to go live later this year, a panel of experts said during the recent Mortgage Bankers Association Secondary Market Conference and Expo.
Advocacy Groups Renew Pitch to Recapitalize GSEs
Scotsman Guide, June 1, 2016–Whitman, Victor
A coalition of progressive activist associations and small-lender trade groups made another pitch this week to Fannie Mae and Freddie Mac’s regulator to recapitalize the government-sponsored enterprises.
‘Hustle’ Mortgage Fraud Case Falls Into Crevice of the Law
New York Times, May 31, 2016–Henning, Peter J.
Proving fraud usually starts with finding a lie made to mislead someone into pursuing a transaction or spending money when they would not have done so if they knew the truth. Figuring out exactly what constitutes the type of deception that can support a case remains a challenge, however, as shown by a federal appeals court decision last week.
FHFA to Shed More Light on GSE Nonperforming Loan Sales
National Mortgage News, May 31, 2016–Collins, Brian
The Federal Housing Finance Agency is set to make the sales of nonperforming loans by Fannie Mae and Freddie Mac more transparent, including providing information on trends at the individual pool level.
Homeowners in These States Carry the Most Mortgage Debt
SFGate.com, May 31, 2016–Lavingia, Christina
Homeownership might appear increasingly elusive to a large subset of the population, but a whopping $8.74 trillion of U.S. debt (72 percent) is mortgage-related, according to MarketWatch.
SEC Fines First Mortgage $12.7M, Bans 6 Execs for Defrauding Ginnie Mae Investors
HousingWire, May 31, 2016–Lane, Ben
Several senior executives at First Mortgage Corporation lied about the performance of the mortgages the company originated so they could pull the mortgages out of mortgage-backed securities guaranteed by Ginnie Mae,then turn right back around and sell the mortgages back into new mortgage bonds, defrauding investors out of $7.5 million, the Securities and Exchange Commission said Tuesday.
New York Assembly Passes Vacant Home Maintenance Bill
National Mortgage News, June 3, 2016–Passy, Jacob
The bill, titled the New York State Abandoned Property Relief Act of 2016, passed on a 116-22 vote May 24. “Lenders doing business in the state of New York should be very concerned about this legislation,” said Zahras Jafri, president of the Empire State Mortgage Bankers Association.
Too Many Mortgage Insurers, Not Enough Loans, Says MGIC’s CEO
National Mortgage News, June 3, 2016–Finkelstein, Brad; Passy, Jacob
This mortgage insurance market ain’t big enough for all seven of us. So says Patrick Sinks, CEO of MGIC Investment Corp., which has seen its market share chipped away by smaller, newer underwriters created after the housing crisis.