DS News, Jan. 6, 2016–Honea, Brian
Peter Muriungi has been chosen as JPMorgan Chase’s new head of Mortgage Servicing to replace Mike Weinbach, who was named CEO of Chase’s Mortgage Banking division in December.
Category: Top National News
Toxic Twins’ Potentially Poisonous New Brew
Wall Street Journal, Jan. 5, 2016–Stevens, David
MBA president and CEO, in letter to Wall Street Journal, said credit-risk transfers conducted by Fannie Mae and Freddie Mac require different approaches that minimize taxpayer risk.
JPMorgan Pays $48 Million to Close Regulatory Order on Mortgage Servicing
Wall Street Journal, Jan. 5, 2015–Glazer, Emily
The Office of the Comptroller of the Currency said J.P. Morgan Chase & Co. would pay a $48 million civil penalty to end a regulatory order against the bank related to mortgage-servicing matters. EverBank, a Jacksonville, Fla., lender, also is exiting a so-called consent order with the OCC, paying $1 million as a civil money penalty to the bank regulator.
Fannie Mae Offers New Mortgage Program
Washington Post, Jan. 6, 2016–Lerner, Michele
A new opportunity for home ownership is available to credit-worthy low- to moderate-income borrowers through Fannie Mae’s new HomeReady mortgage program.
Banking Industry Has Yet to See All Dodd-Frank Has to Offer
Miami Today, Jan. 5, 2016–Vianna, Carla
The 2010 law has strung banks along a regulatory rollercoaster for five years, paving the way for new agencies and requirements that changed the way the nation’s banks operated. This year, more regulations are expected from the five-year-old law.
CMBS Delinquencies Fell to Six-Year Low: Fitch
National Mortgage News, Jan. 11, 2016–Macheel, Tanaya
The commercial mortgage-backed securities delinquency rate finished 2015 at a six-year low, said Fitch Ratings.
Insurers’ Mortgage Holdings Stay Solid
GlobeSt.com, Jan. 12, 2016–Bubny, Paul
Insurers’ allocations to commercial mortgages showed a slight increase for the first six months of 2015 compared to year-end 2014, while the delinquency rate among these mortgages is bested only by Fannie Mae and Freddie Mac, according to recent figures from the Mortgage Bankers Association.
Supreme Court Denies Appeal on Student-Loan Erasure
Wall Street Journal, Jan. 11, 2016–Kendall, Brent; Mitchell, Josh
The Supreme Court on Monday turned away an appeal that sought to make it easier to erase student loans in bankruptcy, sidestepping an issue that has become a focal point for consumer advocates and lawmakers as millions of borrowers fall behind on their payments.
Chase Edges Closer to Fulfilling $4B Consumer Relief Requirement
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.
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.