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.
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.
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.
Wall Street Journal, June 7, 2016–Borak, Donna
Wall Street banks would be able to break away from the 2010 Dodd-Frank regulatory-overhaul law under a Republican plan-but it would cost them billions of dollars. The GOP plan set to be released by the chairman of the House Financial Services Committee on Tuesday in a speech in New York would provide financial institutions, large and small, an alternative to the existing postcrisis regulatory regime. They would be allowed to opt in to the alternative plan if they can surpass critical thresholds.
National Mortgage News, June 6, 2016–Passy, Jacob
Ocwen Financial Corp. in West Palm Beach, Fla., will lay off 120 employees as part of a plan to reduce costs.
National Mortgage News, June 6, 2016–Kilgore, Austin
The Charlotte, N.C., bank signed an agreement with the Jacksonville, Fla., mortgage-technology company on June 3 to service first and second mortgages.
HousingWire, June 6, 2016–Lane, Ben
Fannie Mae said Monday that is plans to release a massive collection of data on previously modified loans in its portfolio as part of plan to being securitizing re-performing loans later this year.
Bloomberg, June 6, 2016–Evans, Rachel
Three U.S. banks plan to sell the first commercial mortgage bonds to comply with new rules designed to make securitization markets safer for investors.
National Mortgage News, May 25, 2016–Collins, Brian
The head of the Federal Housing Administration has informed lenders that loans receiving down payment assistance can continue to benefit from government insurance, despite past questions over the legality of certain assistance programs. Pete Mills, senior vice president for the Mortgage Bankers Association, said Golding’s memo to lenders was “a very positive development.”
HousingWire, May 25, 2016–Lane, Ben
A yearlong independent investigation initiated by Wells Fargo, the deals’ master servicer, found no evidence of the litany of accusations made by Gibbs & Bruns on behalf of the investors, Ocwen is off the hook.
