HousingWire, Mar. 23, 2016–Barraza, Cynthia
The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services.
Category: Top National News
Fannie Mae and Freddie Mac: If You Can’t Kill Them, Merge Them?
Wall Street Journal, Mar. 23, 2016–Light, Joe
A group including some of the chief architects of the Obama administration’s housing policy released a paper Wednesday outlining a new proposal for how to deal with mortgage-finance giants Fannie Mae and Freddie Mac.
FHFA Leans Toward Principal Cuts–But Why Now?
National Mortgage News, Mar. 23, 2016–Collins, Brian
The Federal Housing Finance Agency appears poised finally to allow principal reductions, but it’s been nearly a decade since the mortgage crisis and underwater borrowers are much fewer thanks to higher home values.
How Has The Third-Party Mortgage Servicing Portfolio For The Largest U.S. Banks Changed Since 2011?
NASDAQ, Mar. 28, 2016–Trefis
The total third-party mortgage servicing portfolio for the 5 largest U.S. banks has shrunk by nearly 9% annually over the last five years, as stricter capital requirements and poor quality of legacy mortgages forced the four largest banks to reduce their presence in the mortgage servicing industry.
Banks Ramp Up Push for Home-Equity Lines
Wall Street Journal, Mar. 27, 2016–Andriotis, Annamaria
At hardware stores along the U.S. East Coast in recent weeks, TD Bank has been trying to persuade shoppers to think bigger than paint and plumbing supplies: The bank wants them to start taking cash out of their homes again.
Why Homeowners Need Representation
National Mortgage Professional, Mar. 16, 2016–Lykken, David
We need to be held to a higher standard if we want to survive and thrive in a tough economy. The better represented consumers are, the more prosperous they will be. And, as consumers become more prosperous, so can the mortgage industry.
CFPB Director Cordray: Credit Unions Misrepresent Mortgage Success
HousingWire, Mar. 16, 2016–Gaffney, Jacob
Consumer Financial Protection Bureau Director Richard Cordray, appearing before the House Financial Services Committee, said consumer complaints against mortgage lenders and servicers are nearly at a half million.
FHA Provision Limits Bank Liability on Mortgage Errors
Wall Street Journal, Mar. 15, 2016–Light, Joe
The Federal Housing Administration on Tuesday unveiled a new certification that lenders must attest to when making an FHA-backed mortgage. Mortgage Bankers Association President and CEO David Stevens, CMB, said the changes could “stop the bleeding” of lenders pulling back from the FHA program.
CMBS Loans Go Ice Cold as Bond-Market Turbulence Heats Up
Scotsman Guide, Mar. 15, 2016–Whitman, Victor
CMBS loans aren’t competitive right now against other commercial loan types because of turbulence in the bond markets, analysts say. “Since the beginning of the year, an awful lot of analysts have cut their projections for 2016 by 25 percent to 30 percent or more,” said Jamie Woodwell, MBA’s vice president of research.
Trade Groups Seek Congressional G-Fee Protection
National Mortgage Professional, Mar. 15, 2016–Hall, Phil
A coalition of 17 financial and housing trade associations has called on House and Senate leaders to include language in the Fiscal Year 2017 Budget to prevent efforts to use guarantee fees (g-fees) collected by Fannie Mae and Freddie Mac for non-housing purposes. The Mortgage Bankers Association is among the groups.