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.
Category: Top National News
FHA Gives OK to Down Payment Help Following IG’s Criticism
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.”
Ocwen Cleared of Wrongdoing in Multi-Billion Dollar Mortgage Bond Fight
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.
U.S. Fines Wells Fargo $70 Million Over Mortgage Practices
Reuters, May 25, 2016–Lambert, Lisa
The U.S. Comptroller of the Currency fined Wells Fargo Bank $70 million on Wednesday over mortgage servicing but said it was ending business restrictions it had placed on the bank.
The Hustle Continues: Why the Feds Haven’t Nailed the Big Banks
New Republic, May 25, 2016–Dayen, David
Americans still want to see some measure of justice for the misconduct that precipitated the financial crisis. But Monday’s decision by an appeals court to throw out a $1.27 billion civil penalty against Bank of America will surely generate some despair. So few cases have even been attempted that when a successful one gets reversed, it can raise questions about whether there were any good ones to make in the first place.
Wall Street Crime: 7 Years, 156 Cases and Few Convictions
Wall Street Journal, May 25, 2016–Eaglesham, Jean; Das, Anupreeta
Proceedings against individual bank employees are rare, and authorities have had difficulty winning cases.
Trillions in Debt–but for Now, No Reason to Worry
Wall Street Journal, May 25, 2016–Brown, Ken
If current trends persist through the end of the year, U.S. households will owe as much as they did at the peak of borrowing in 2008.
Will Fannie and Freddie Need Another Bailout?
Wall Street Journal, May 24, 2016–Light, Joe
Eight years after the financial crisis, mortgage-finance companies Fannie Mae and Freddie Mac are headed down the road to another bailout, but not for the usual reason.
Who’s Afraid of TRID Risk? It’s Not Who You Think
National Mortgage News, May 24, 2016–Bisby, Allison
Liquidity has dried up since the Consumer Financial Protection Bureau’s disclosure rule took effect in October. With the exception of a few deals backed by loans issued before the financial crisis, private-label securitization has ground to a halt.
CFPB: Mortgage Complaints Down to Third Place
HousingWire, May 24, 2016–Ramirez, Kelsey
In March, for the first time since the start of the Consumer Financial Protection Bureau in 2011, mortgage complaints were not the number one complaint.