HousingWire, Jan. 12, 2016–Swanson, Brena
The latest update on JPMorgan Chase’s RMBS settlement shows it is nearing its $4 billion requirement in credited consumer relief.
Category: Top National News
Walker & Dunlop Buys Out Fortress in CMBS Joint Venture
National Mortgage News, Jan. 11, 2016–Peters, Andy
Walker & Dunlop has agreed to acquire the other half of a commercial mortgage-backed securities joint venture it has with Fortress Investment Group.
Wary Investors Kicking Back More Mortgages
NASDAQ, Dec. 23, 2015
New consumer-disclosure requirements are doing more than delaying closings of some home loans. Now the mortgage industry is sounding a bigger alarm, claiming some investors are refusing to buy certain loans once they close because of potential compliance failures. Pete Mills, the Mortgage Bankers Association’s senior vice president of residential policy, said lenders want the Consumer Financial Protection Bureau to clarify whether “technical” errors can be fixed by lenders without incurring a penalty.
Giant Mortgage Hybrids, Still Playing Critical Role, Left in Limbo by Politicians
MinnPost, Dec. 23, 2015–Beal, Dave
During the 2007-09 financial crisis, it was almost impossible to get a home loan without a guarantee from Fannie Mae or Freddie Mac. Now, seven years after the federal government bailed them out, they are still the dominant players in home mortgage finance.
Freddie Offers No-Fee Alternative for Keeping Defective Loans
National Mortgage News, Dec. 23, 2015–Berry, Kate
Freddie Mac is one-upping Fannie Mae by offering to retain some home loans that have defects but without requiring that mortgage lenders pay a fee.
CFPB: Complaints About Ocwen Keep Falling
HousingWire, Dec. 22, 2015–Lane, Ben
Long the target of regulators and consumers due to its mortgage servicing practices, Ocwen Financial finds itself in a unique position in a new report from the Consumer Financial Protection Bureau: it is the only company in the top ten most-complained-about companies that saw its complaints drop over the same period last year.
S&P Quits Grading Most CDOs That Investor Said It Underrated
Bloomberg, Dec. 22, 2015–Scully, Matt
Standard & Poor’s withdrew most of its ratings on a type of security built from bank debt, two months after an investor sought a court order to require more “accurate” grades.
CFPB to Relax TRID Enforcement Actions
HousingWire, Dec. 29, 2015–Swanson, Brena
After a recent letter to the Consumer Financial Protection Bureau, the Mortgage Bankers Association released a response from CFPB Director Richard Cordray that should bring some much-needed clarity to the industry on the current expectations for lenders in implementing the new TILA-RESPA Integrated Disclosure rule.
CFPB Gives Mortgage Lenders a Christmas Present
MarketWatch, Dec. 31, 2015–Goldstein, Daniel
The Consumer Financial Protection Bureau gave lenders a post-holiday present–telling anxious bankers that they wouldn’t be held liable for most minor errors in loan processing and paperwork under the new “Know Before You Owe” rule.
Fannie and Freddie Give Birth to New Mortgage Bond
Wall Street Journal, Dec. 29, 2015–Light, Joe
Beginning in 2016, the two government-controlled housing giants will ramp up sales of a new type of security that will transfer most of the cost of defaults on all but their safest mortgages to private investors.