National Mortgage News, Apr. 14, 2016–Finkelstein, Brad
Total mortgage income at B of A was $433 million, down from $694 million a year ago as the strategy of putting loans on its balance sheet meaning the bank gets less gain-on-sale revenue.
Category: Top National News
UBS Will Pay $69.8 to NCUA for Credit Union RMBS Losses
HousingWire, Apr. 15, 2016–Lane, Ben
The National Credit Union Administration announced it reached a $69.8 million settlement with UBS, as the company becomes the latest to settle with the NCUA over losses related to several corporate credit unions’ purchases of faulty residential mortgage-backed securities in the run-up to the financial crisis.
Home Equity Loan Balances Fall Again in Q4 ’15
Banking Exchange, Apr. 15, 2016–Garber, Kate; Iyer, Venkatesh
Home equity loans and lines of credit declined on the balance sheets of the nation’s largest banks during the fourth quarter of 2015, as pay-downs of equity lines and balances outpaced new originations. “Large banks had been leading providers of HELOCs pre-crisis, so it is not surprising that they are seeing these trends to an even greater extent,” said Mike Fratantoni, chief economist with the Mortgage Bankers Association.
Freedom Mortgage to Pay $113M to U.S. Government in Settlement
ABC News, Apr. 15, 2016
Freedom Mortgage agreed to pay the U.S. government $113 million to settle allegations that it failed to comply with federal rules.
Kashkari Lays Out New Reasons Why Nation’s Biggest Banks Pose Risks to Taxpayers
Minneapolis Star-Tribune, Apr. 18, 2016–Belz, Adam
Financial reform has moved in the right direction, but taxpayers will still likely be on the hook for the future failure of one of the nation’s largest banks, the president of the Federal Reserve Bank of Minneapolis said Monday.
Shelby Requests Federal Watchdogs Probe FHFA, Fannie, Freddie
Morning Consult, Apr. 18, 2016–Rainey, Ryan
Senate Banking Committee Chairman Richard Shelby on Monday requested the Government Accountability Office and Congressional Budget Office look into practices at the Federal Housing Finance Agency and the government-sponsored enterprises it oversees.
How Much Will Principal Reduction Affect Servicers?
DSNews, Apr. 18, 2016–Honea, Brian
The controversial principal reduction program announced by the Federal Housing Finance Agency last week is expected to moderately increase expenses for mortgage servicers who handle delinquent Fannie Mae or Freddie Mac loans, but overall the impact of the program on servicers is expected to be minimal, according to a report from Fitch Ratings on Monday.
Stop Overcharging FHA Borrowers to Subsidize Reverse Mortgage Risks
National Mortgage News, Apr. 18, 2016–Chappelle, Brian
Chappelle, founding partner of Potomac Partners, said first-time homebuyers face enough challenges to qualify for a mortgage in today’s housing market without having to subsidize the reverse mortgage program.
Is This the Secret to Housing Reform?
National Mortgage News, Apr. 8, 2016–Collins, Brian
Fannie Mae and Freddie Mac’s experiments with selling credit risk to investors are a critical element of new plan to merge the two entities and move them out of conservatorship, but what form so-called credit risk transfers take could make a big difference.
Collingwood Group Chairman Calls Out ‘Regulatory Jihad’ on Mortgage Lenders
HousingWire, Apr. 8, 2016–Lane, Ben
Count Tim Rood, chairman of The Collingwood Group, among those who think the regulatory environment is smothering mortgage lenders.