National Mortgage News, May 27, 2016–Peters, Andy
The largest banks are dumping their holdings of Fannie Mae and Freddie Mac debt, and it’s contagious. It turns out small banks have been doing the same thing.
Category: Top National News
‘Face of the Housing Crisis’ Exonerated by Appeals Court Countrywide Hustle Ruling
HousingWire, May 27, 2016–Lane, Ben
Lost in the shuffle of the United States Court of Appeals for the Second Circuit’s decision to toss the $1.27 billion penalty against Bank of America in a fraud case over defective mortgages sold by Countrywide was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone, who the New York Times once referred to as the “face of the housing crisis.”
Chase in Homestretch of $4B Mortgage Bond Settlement
National Mortgage News, May 27, 2016–Finkelstein, Brad
JPMorgan Chase is close to satisfying its $4 billion consumer relief obligation under a residential mortgage-backed securities settlement.
Higher Taxes Don’t Scare Millionaires Into Fleeing Their Homes After All
Bloomberg, May 26, 2016–Steverman, Ben
If you raise rates on the rich, will you lose them to other states? A study of 45 million IRS records suggests it doesn’t work that way.
U.S. Fed Buys $8.2 Billion of Mortgage Bonds, Sells None
Reuters, May 26, 2016
The Federal Reserve bought $8.172 billion of agency mortgage-backed securities in the week from May 19 to May 25, compared with $7.546 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
A Mortgage for Millennials with Big Student Debts
National Mortgage News, May 24, 2016–Sichelman, Lew
The extent to which student debt is keeping Millennials from buying homes is debatable. But for high-earning young professionals who are saddled with such loans, a Florida investment advisor says he has devised a path to homeownership.
Mortgage-Backed Securities: The Case for Safety and 2% Yields
Barron’s, May 20, 2016–Stone, Amey
There aren’t a lot of great fixed-income options now that the Fed is talking about hiking rates, Treasuries are selling off and the rally in corporate credit has stalled. One suggestion from the folks at LPL Financial is mortgage-backed securities, or bonds that are backed by pools of mortgages.
How Clinton Would Reform the Housing Finance System
National Mortgage News, May 20, 2016–McKendry, Ian
Presumptive Democratic nominee Hillary Clinton appears likely to embrace a recent plan to merge Fannie Mae and Freddie Mac into a single government corporation if she wins the White House.
Fed’s Tarullo Outlines Rules for Big U.S. Insurers
Wall Street Journal, May 20, 2016–Tracy, Ryan
Big U.S. insurers Prudential Financial Inc. and American International Group Inc. would face tougher capital requirements than their peers under new rules outlined for the first time Friday by the Federal Reserve’s point-man on regulation.
8 Trending Topics from MBA Secondary 2016
National Mortgage News, May 19. 2016
From the Common Security Platform and Freddie Mac loan sales to new accounting rules and what direction mortgage rates are headed, there was plenty to debate during this week’s MBA Secondary Conference in New York.