Wall Street Journal, May 24, 2016–Zumbrun, Josh
Delinquencies on auto loans have spiked in the U.S. counties that had the highest employment in the oil-and-gas industry, according to the Federal Reserve Bank of New York’s quarterly report on household debt and credit. Mortgage delinquencies have also climbed, though not as dramatically.
HousingWire, May 24, 2016–Lane, Ben
The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.
Wall Street Journal, May 30, 2016–Grind, Kirsten; Glazer, Emily
Among the new federal banking regulations there is one that financial wonks call “TRID,” the TILA-Respa Integrated Disclosure rule. Attendees at a recent training school here for bank compliance staff, who must learn and enforce such rules, said they deciphered TRID’s true meaning: “The reason I drink.”
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.
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.”
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.
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.
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.
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.
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.
