Reuters, Feb. 11, 2016
The Federal Reserve bought $6.582 billion of agency mortgage-backed securities last week, but sold no securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
Category: Top National News
How 3 of the Country’s Most Successful Hispanic Real Estate Titans Got their Start
BISNOW, Feb. 9, 2016–Hoffmann, Michelle
Story features Rodrigo Lopez, CMB, executive chairman of NorthMarq Capital and Mortgage Bankers Association vice chairman.
Want a Mortgage? Borrow Big; It’s Cheaper
WTOP (Washington, D.C.), Feb. 10, 2016–Clabaugh, Jeff
Mortgage rates show no signs of heading higher. Indeed, with 10-year Treasury yields falling, long-term mortgage rates have been moving lower in recent weeks.
Goldman Sachs Subsidiary Buys Massive NPL Portfolio from Fannie Mae
HousingWire, Feb. 10, 2016–Lane, Ben
MTGLQ Investors LP, a subsidiary of Goldman Sachs, will purchase four pools of loans from Fannie Mae totaling $1.32 billion in unpaid principal balance across 6,540 loans.
Arch MI Underwriting Income Up More than 140% in 2015
National Mortgage News, Feb. 10, 2016–Finkelstein, Brad
Arch Capital Group’s mortgage insurance segment, which covers both primary and reinsurance operations, had underwriting income of $64.8 million in 2015. This is an increase of more than 140% from the $26.4 million of underwriting income recorded in 2014.
OCC Lifts Mortgage Servicing Restrictions on U.S. Bank, Santander
Housing Wire, Feb. 9, 2016–Lane, Ben
The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
CFPB Corrects Error in TRID Rule
HousingWire, Feb. 9, 2016–Lane, Ben
According to the Consumer Financial Protection Bureau’s addendum, the supplementary information states that “property insurance premiums, property taxes, homeowner’s association dues, condominium fees and cooperative fees” are “subject to tolerances,” when it should read that those fees are “not subject to tolerances.”
TRID Scuttling Revival of Private-Label Securitizations
National Mortgage News, Feb. 9, 2016–Berry, Kate
Many institutional investors are refusing to purchase mortgages loans until they get assurance from the Consumer Financial Protection Bureau that they won’t have to pay for others’ mistakes. Their pullback could further the slow the issuance of private-label mortgage bonds this year, a huge concern at a time when the majority of home loans are insured by Fannie Mae, Freddie Mac and the FHA.
Housing Groups Blast GSEs’ Sale of Bad Loans to Goldman, Hedge Funds
National Mortgage News, Feb. 12, 2016–Berry, Kate
Fannie Mae and Freddie Mac have been selling pools of delinquent mortgages at auction to the highest bidders. Community groups say the Federal Housing Finance Agency should be giving preferential treatment to nonprofits and community development financial institutions.
HSBC Agrees to $470 Million Settlement Over Alleged U.S. Mortgage Abuses
Wall Street Journal, Feb. 5, 2016–Patrick, Margot
HSBC Holdings PLC agreed Friday to pay $470 million to settle federal and state allegations of abusive practices in its U.S. mortgage business.