OurBroker.com, Nov. 2, 2015–Miller, Peter G.
Marina Walsh, the Vice President of Industry Analysis with the Mortgage Bankers Association, said that “legacy loans continued to account for the majority of all troubled mortgages.
Category: Top National News
Supreme Court Rejects Appeal from Shareholders Over S&P Mortgage Ratings Before Housing Crisis
Associated Press, Nov. 2, 2015
The Supreme Court won’t hear an appeal from shareholders who claim the Standard & Poor’s ratings firm made false statements about its ratings of risky mortgage investments that helped trigger the financial crisis.
CMBS Default Rate Declines in Third Quarter: Fitch Ratings
National Mortgage News, Nov. 2, 2015–Peters, Andy
Defaults on commercial mortgage-backed securities declined from the end of the third quarter, compared to the previous quarter, according to Fitch Ratings.
House Vote on GSE CEO Pay Limits Delayed Two Weeks
HousingWire, Nov. 2, 2015–Lane, Ben
The chief executive officers of Fannie Mae and Freddie Mac will have to wait two more weeks to see if Congress will vote to install limits on their compensation, after a busy Congressional calendar delayed a scheduled vote on the compensation packages of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton.
Mortgage Standards Are Not Loosening for Refi Market
HousingWire, Nov. 2, 2015–Swanson, Brena
A report from Black Knight Financial Services appears to show that the average credit score for refinance applications is loosening. However, with further investigation, the truth is that there is only a decrease in the number of high credit score borrowers since most of them likely already refinanced and taken advantage of the low interest rates.
Did the Sound and Fury of TRID Actually Amount to Nothing?
Housing Wire, Oct. 30, 2015–Lane, Ben
For all the sound and fury surrounding the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule earlier this month, early indications are that TRID isn’t actually going to have any impact on the lifeblood of the mortgage business–originations.
Bank of America Agrees to $335 Million Settlement in Mortgage Case
Phoenix Business Journal, Nov. 1, 2015–O’Grady, Patrick
Bank of America Corp. will pay $335 million in a settlement for a lawsuit that it misled investors regarding its mortgage-related activity.
Worries About the Housing Market are Overblown
HousingWire, Oct. 29, 2015–Fratantoni, Mike
MBA chief economist said those looking for the next housing bubble need to study the current regulatory environment and household formation trends suggest such concerns are exaggerated.
AIG Investor Icahn Says Insurance Firm Should Break Up
National Mortgage News, Oct. 29, 2015–Heltman, John
A major investor in insurance giant American International Group is calling on the company to break itself up into three companies to get out from under its designation as one of only four systemically risky nonbanks.
Major Civil Rights Groups Join Push to Recapitalize Fannie Mae, Freddie Mac
Housing Wire, Oct. 29, 2015–Lane, Ben Several of the largest civil rights groups in the country are joining together to call on the federal government to end the conservatorship of Fannie Mae and Freddie Mac and recapitalize the agencies, stating that an independent and fully capitalized Fannie Mae and Freddie Mac can better serve the country’s housing needs.