National Mortgage News, Apr. 11, 2016–Berry, Kate
Congress should consider giving direct authority over nonbank mortgage servicers to the Federal Housing Finance Agency, according to a report released Monday by the Government Accountability Office.
Category: Top National News
Another Condo Bust Looms in Miami
Wall Street Journal, Mar. 29, 2016–Kusisto, Laura
Miami is facing a condo bust-again. Developers have started canceling projects, slashing prices and offering incentives such as private-jet access to spur sales, an ominous echo of the housing crash that pounded South Florida especially hard.
MetLife Wins Bid to Shed ‘Systemically Important’ Label
Wall Street Journal, Mar. 30, 2016–Tracy, Ryan
A federal judge overturned U.S. regulators’ determination that MetLife Inc. poses a threat to the financial system, granting the insurer a victory in its quest to avoid stricter rules and potentially undermining a central part of the 2010 Dodd-Frank law.
Mortgage Portfolios at National Banks Continue to Dissipate
HousingWire, Mar. 30, 2016–Swanson, Brena
The mortgage portfolio of the top banks in the market has steadily dwindled over the past two years, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages.
Fannie Mae’s Mortgage Portfolio Wind Down Continues
DS News, Mar. 30, 2016–Honea, Brian
Fannie Mae’s gross mortgage portfolio resumed its contraction in February following a rare month of expansion in January, according to the GSE’s Monthly Volume Summary for February 2016.
Bankers Battle FHFA Plan to Let GSEs Buy Tax Credits
National Mortgage News, Mar. 30, 2016–Collins, Brian
Bankers are fighting back against a plan that would allow Fannie Mae and Freddie Mac to invest in low-income housing tax credits, arguing they are critical for meeting Community Reinvestment Act requirements.
A New Name of the Game at Nationstar
Wall Street Journal, Mar. 29, 2016–Light, JoeNationstar Mortgage Holdings Inc., which made its name servicing delinquent loans, this summer plans to rename itself “Mr. Cooper.” Foreclosure sales company Auction.com in January rebranded as “Ten-X.” Mortgage-services firm Altisource Portfolio Solutions last year bought rental-data firm RentRange and real-estate-investment website Investability.
CFPB Sees Surge in Debt Collection Complaints from Military Members
National Mortgage News, Mar. 29, 2016–Tymesen, Tana
Military families and service members are submitting debt collection complaints to the Consumer Finance Protection Bureau at twice the rate of other consumers.
GE Files to End Fed Oversight After Shrinking GE Capital
Wall Street Journal, Mar. 31, 2016–Mann, Ted
General Electric Co. formally asked to be released from supervision by the Federal Reserve on Thursday, saying it has sufficiently shrunk its once-massive financial services arm so it would no longer pose a systemic threat to the financial system.
Ginnie Mae to Test Pools of Loan Mods
National Mortgage News, Mar. 31, 2016–Sinnock, Bonnie
Ginnie Mae, the government agency that guarantees securitizations of Federal Housing Administration-insured loans is experimenting with a pool type that consists only of modifications and reperforming loans.