Wall Street Journal, June 21, 2016–Fung, EstherThe real-estate investment trust industry, which has gotten high marks in recent years for adopting compensation programs that investors like, has suffered a bit of slippage in 2016.
Category: Top National News
Withholding HECM Options from Qualified Borrowers Is Irresponsible
National Mortgage News, June 21, 2016–Birdsell, Jeff
Lenders who do not offer the Home Equity Conversion Mortgage option to qualified borrowers when it aligns with their financial objectives are not just missing out on a good business opportunity–they’re falling short on their responsibility to borrowers.
This Bank Wants to Pay Down Your Student Loans
Bloomberg, June 21, 2016–Nasiripour, Shahien
A small Boston bank is betting it can attract tens of thousands of millennials by giving them a chance to pay off their student loans a few months early, rather than offering more common incentives such as interest on their deposits or airline miles for their purchases.
How Housing’s New Players Spiraled Into Banks’ Old Mistakes
New York Times, June 26, 2016–Goldstein, Matthew; Abrams, Rachel; Protess, Ben When the housing crisis sent the American economy to the brink of disaster in 2008, millions of people lost their homes. The banking system had failed homeowners and their families. New investors soon swept in–mainly private equity firms–promising to do better. But some of these new investors are repeating the mistakes that banks committed throughout the housing crisis.
Ginnie Mae Tops Freddie Mac as MBS Issuer
National Mortgage News, June 24, 2016–Collins, Brian
Ginnie Mae surpassed Freddie Mac in total outstanding mortgage securities backed by single-family loans for the first time, according to researchers at the Urban Institute.
May Was A Big Month For Reverse Mortgage Securities
Huffington Post, June 26, 2016–Lazar, Michael
May marked a new, big month for HECM reverse mortgage securities, or HECM mortgage-backed securities. According to the most recent reports, $857 million in new pools were created during May alone, says a New View Advisors report.
N.Y. Requiring Mortgage Lenders to Maintain Abandoned Homes
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.
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.