National Mortgage News, Mar. 4, 2016–Sinnock, Bonnie
Lenders and servicers that haven’t complied with the Federal Housing Administration’s lower cap on late fees better do it soon.
Category: Top National News
[Wis.] Senate May Take Up Zombie Homes Bill
Milwaukee Journal-Sentinel, Mar. 5, 2016–Spicuzza, Mary; Spivak, Cary
A bill that would strip the City of Milwaukee of its ability to force financial institutions to quickly sell abandoned, foreclosed properties known as zombie homes is headed toward the Senate floor.
Delinquency Rates on Commercial Loans Fall in Fourth Quarter
Scotsman Guide, Mar. 3, 2016–Whitman, Victor
Delinquency rates on commercial and multifamily mortgages held by the major investor classes generally fell or remained stable in the fourth quarter, the Mortgage Bankers Association reported.
Oversight of the National Mortgage Settlement Is Done, Monitor Says
American Banker, Mar. 3, 2016–Berry, Kate
Oversight of the four largest mortgage servicers’ compliance with the national mortgage settlement is officially over, the watchdog overseeing the process said Thursday.
Bank of NY Mellon Must Face Lawsuit over $1.12 Billion Mortgage Loss
Reuters, Mar. 3, 2016
Bank of New York Mellon Corp. must face a lawsuit seeking to hold it liable for causing $1.12 billion (£790.7 million) of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled.
Ginnie Mae Is Looking for a Few Good Subservicers
National Mortgage News, Mar. 3, 2016–Sinnock, Bonnie
Ginnie Mae, the agency that insures government loan securitizations could use some more subservicers because it is concerned that so much of its issuance gets outsourced to a small number of players.
#FannieGate: 9th Circuit Rules that Fannie and Freddie are Private Companies
HousingWire, Mar. 3, 2016–Wheeler, Sarah
A decision by the 9th Circuit Court of Appeals yesterday could have big implications for a Delaware case where plaintiffs are arguing that Fannie Mae and Freddie Mac are Delaware corporations and therefore are subject to state, not federal law.
‘Too Big to Fail’ Critics Go Too Far on Banks
Wall Street Journal, Mar. 2, 2016–Ip, Greg
“Too big to fail” is the post-crisis obsession that refuses to go away.
GE Gets Subpoena Over Subprime Mortgage Business
Associated Press, Feb. 27, 2016
General Electric says the U.S. Department of Justice has subpoenaed the company as part of an industrywide investigation into subprime mortgage lending.
Bill Introduced to Protect Widows, Widowers Against Foreclosure
Napa Valley Register (Calif.), Feb. 26, 2016
A new bill introduced by state Sen. Mark Leno, D-San Francisco, would provide protections to widows and widowers who want to stay in their home, the senator’s office said Thursday. But spokesman for the California Mortgage Bankers Association Dustin Hobbs said the bill poses a risk to lenders who would not be able to do necessary underwriting.