World Property Journal, Apr. 1, 2016–Rachid, Monsef
According to the Mortgage Bankers Association’s latest Commercial/Multifamily DataBook, the fourth quarter was the fourth highest quarter for borrowing and lending on record.
Category: Top National News
Too Big to Fail and Too Weird to Finance
Bloomberg, Apr. 1, 2016–Levine, Matt
The MetLife decision counts as a loss for the post-crisis system of trying to create systemic stability by prudentially regulating (and/or shrinking) too-big-to-fail firms. The GE application surely counts as a victory.
Amid Finger Pointing, Problem of ‘Zombie Homes’ Worsens
Buffalo News (N.Y.), Apr. 2, 2016–Glynn, Matt
The state Department of Financial Services found delays at different steps of the legal process, with each side blaming the other for repeated postponements. New York, like about half of all states, has a judicial process for foreclosures, meaning the cases wind through court, with a judge overseeing the proceedings.
Deutsche, JPM Find a Way Forward With Reworked, Bank-Only CMBS
Reuters, Apr. 1, 2016–Wiltermuth, Joy
Deutsche Bank and JPMorgan stripped out non-bank collateral on their latest commercial mortgage bond before it was sold to investors, winning favor with the simpler structure in a market scarred by volatility and regulatory pressures.
Onslaught of Mortgage Rules Is Worse than Many Realize
American Banker, Mar. 22, 2016–Aukamp, William
The author, a lawyer with Werb & Sullivan, says the mortgage regulatory burden providing a disincentive for banks to offer residential mortgage loans and for attorneys from wanting to represent lenders and borrowers in these transactions.
3 Ways to Fight Fraud Infiltrating the Mortgage Process
National Mortgage News, Mar. 22, 2016–King, Aaron
While companies continue to make three big blunders in hiring and managing third-party vendors, there are reliable ways to avoid these mistakes altogether using existing technology.
SEC Probing Mortgage Servicing Fees Tied to Bad Debt?
Bloomberg, Mar. 23, 2016–Scully, Matt
The Securities and Exchange Commission is looking at whether mortgage servicers are boosting profits by prematurely unleashing debt collectors on delinquent borrowers.
Death and Divorce Don’t Get Sympathy from Loan Servicers
Detroit Free Press, Mar. 22, 2016–Tompor, Susan
Some families face foreclosures after a spouse dies, the money is tight, and the mortgage is only in the name of the deceased. ustin Wiseman, director of loan administration policy at the Mortgage Bankers Association, said situations can be complex, such as when multiple successors apply for different loan modifications the same mortgage, or when privacy issues come into play.
Vacant, Abandoned Houses are Dwindling in Most Places, But Not in These Communities
Minneapolis Star-Tribune, Mar. 24, 2016–Henderson, Tim
A relic of the Great Recession, zombie houses have receded in many states – but not all. They remain, and are growing in number in several states. The rate of foreclosure rose more quickly during the crisis, and stayed higher afterward, in states with lengthy court-supervised foreclosure procedures, Mortgage Bankers Association surveys of loan performance show.
Lawmakers Object to Discounts on Nonperforming Loan Sales
National Mortgage News, Mar. 24, 2016–Collins, Brian
In a letter, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Senate Banking Committee Chairman Richard Shelby, R-Ala., claim the Federal Housing Finance Agency and the Federal Housing Administration have a duty to maximize recoveries on defaulted mortgages.