National Mortgage News, Sept. 23, 2015
The rapidly evolving market for buying and selling distressed mortgage assets has created myriad challenges and opportunities for investors, servicers and portfolio managers.
Category: Top National News
HARP Helped More than 3 Million Borrowers Save $3,500 Annually
HousingWire, Sept. 23, 2015–Garrison, Trey
A new white paper by Amit Seru from the University of Chicago, along with other economists at federal regulatory agencies, provides the first comprehensive analysis of the effects of the Home Affordable Refinancing Program.
Multifamily Debt Reaches $1T in Q2
GlobeSt.com, Sept. 22, 2015–Bubny, Paul
Outstanding commercial/multifamily mortgage debt rose by 1.4% during the second quarter, with multifamily debt hitting $1 trillion, the Mortgage Bankers Association said Tuesday.
Refinancing a Mortgage to Pay Off Credit-Card Debt
Wall Street Journal, Sept. 22, 2015–Coppola, Alex
Low interest rates allowed a young New Yorker to retire her card debt and still pay less on her co-op loan.
WATCH: Hollywood’s A-List Brings Subprime to the Silver Screen
HousingWire, Sept. 22, 2015–Gaffney, Jacob
Flashback to the 2008 timeframe where the subprime debacle was just taking hold. Enter into that the cast of characters who bet against the big banks, and potentially, the American economy to get rich while the Empire crumbled. Add in a couple of Hollywood A-listers and you get The Big Short movie, based on the book by Michael Lewis.
Ginnie Mae Eyes New Cash Requirements for Nonbank Lenders
National Mortgage News, Sept. 22, 2015–Collins, Brian
Ginnie Mae may soon raise its liquidity and cash requirements for independent mortgage banking firms since it seems almost certain that Congress won’t increase the agency’s budget for fiscal year 2016.
Big Banks Abusing 2012 Settlement Deal
Politico, Sept. 28, 2015–Prior, Jon
Interviews with more than 20 housing counselors, Legal Aid lawyers and government prosecutors in states hard hit by the real estate crisis that followed the 2007 financial meltdown reveal that the nation’s top lenders are violating the settlement and rules put in place last year by the Consumer Financial Protection Bureau.
YoY Prices Up and Delinquencies Down, Yet Affordability Remains Problematic
National Mortgage Professional, Sept. 28, 2015–Hall, Phil
New data reports finds a housing market where home prices and loan delinquencies are quite different from a year ago, but the persistent question of affordability options is being challenged in a new study that calls for more so-called “inclusionary housing” in new real estate developments.
Last of 24 Charged in Mortgage Fraud Gets 11 Years in Prison
Associated Press, Sept. 27, 2015
Former Great Country Mortgage Bankers owner Hector Hernandez will serve the longest prison term of anyone involved in the massive scheme andalso must pay more than $64 million in restitution.
MBA’s Stevens: The CFPB’s Complaint Database is Unreliable
HousingWire, Sept. 28, 2015–Garrison, Trey
MBA President and CEO David Stevens says the Consumer Financial Protection Bureau’s complaint database foments disinformation and has failed to take steps to correct these issues.