Bloomberg, Feb. 11, 2016–Smythe, ChristieMorgan Stanley agreed to pay $3.2 billion to end a joint federal-state investigation into its handling of mortgage-backed securities, the fourth deal to be struck in a probe of the big U.S. banks’ role in the subprime mortgage meltdown and the financial crisis it spawned.
Category: Top National News
‘Shame’ Real Estate Website Targets Banks Handling Stalled Foreclosures
Buffalo News, Feb. 11, 2016–Glynn, Matt
A newly launched website has some features of a conventional real estate website, but with a twist. But the descriptions take to task banks the site claims drag out the foreclosure process – sometimes for years–and prevent the properties from going back on the market.
Redwood Trust Shifts Away from Fannie, Freddie Conforming Loans
HousingWire, Feb. 11, 2016–Lane, Ben
Seeking to rid itself of two business segments that are dragging on the real estate investment trust’s bottom line, Redwood Trust announced recently that it will be discontinuing the acquisition and aggregation of conforming loans for sale to Fannie Mae and Freddie Mac, and will also discontinue commercial loan originations for distribution in commercial mortgage-backed securities.
U.S. Fed Buys $6.6 Bln of Mortgage Bonds, Sells None
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.
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.”