Category: Top National News

Wall Street Journal, Nov. 5, 2015–Dulaney, Chelsey
Fannie Mae said profit was halved in the third quarter, as declines in long-term interest rates hurt the value of the mortgage-finance company’s derivatives.

Winston-Salem Journal (N.C.), Nov. 5, 2015–Craver, Richard
Wells Fargo & Co. will have to pay $81.6 million in remediation costs for its “repeated failure” to provide homeowners with legally required notices, the Justice Department said Thursday.

HousingWire, Oct. 27, 2015–Gaffney, Jacob
Radian Group announced its net income halved from the same period last year. However, the company remains positive about its growth opportunities in the mortgage insurance business.

National Mortgage News, Oct. 27, 2015–Peters, Andy
HUD plans to sell about $1.3 billion of nonperforming residential loans next month.

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.

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.

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.

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.

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.

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.