Wall Street Journal, Apr. 19, 2023–Matt Wirz (subscription)The Federal Deposit Insurance Corp. has begun selling bonds it inherited from Silicon Valley Bank and Signature Bank to recoup the cost of …
Category: Top National News
California Pension Fund Writing Down $52B CRE Portfolio
GlobeSt.com, Apr. 19, 2023–Jack RogersThe $306-billion California State Teachers’ Retirement System pension fund, known as Calstrs, bet big on real estate and now plans to trim 20% off office valuations.https://www.globest.com/2023/04/19/california-pension-fund-writing-down-52b-cre-portfolio/?
Mortgage Performance Improves as COVID-19 Emergency Ends
Mortgage Professional America, Apr. 18, 2023–Candyd MendozaMortgage performance remained strong, with the overall forbearance rate dropping five basis points in March, according to the Mortgage Bankers Association.https://www.mpamag.com/us/mortgage-industry/market-updates/mortgage-performance-improves-as-covid-19-national-emergency-ends/443058
Mortgage Complaints to CFPB Up Sharply in Early 2023
Inside Mortgage Finance, Apr. 18, 2023–Andras MalatinszkyComplaints submitted to the Consumer Financial Protection Bureau regarding mortgages reversed course in the first quarter, according to a new ranking and analysis by …
Real Estate Wire Fraud Attempts are on the Rise
National Mortgage News, Apr. 18, 2023–Brad Finkelstein (subscription)Nearly three-quarters of the 2022 requests for help from wire fraud protection company CertifID came from consumers, primarily resulting from real estate-related scams.https://www.nationalmortgagenews.com/news/real-estate-wire-fraud-attempts-are-on-the-rise
Biggest US Banks Wrote Off $3.4 Billion in Bad Consumer Loans
Bloomberg, Apr. 18, 2023–Jennifer SuraneThe four biggest US lenders wrote off a combined $3.4 billion in bad consumer loans in the first three months of 2023, a 73% increase from …
Are Federal Home Loan Bank Advances a Sign of Distress?
American Banker, Apr. 17, 2023–Kate Berry (subscription)The Federal Home Loan Bank System has played an outsized role in shoring up the balance sheets of hundreds of banks this year, including …
Wells Fargo Reveals $50 Billion Servicing Sale as Market Revives
National Mortgage News, Apr. 17, 2023–Bonnie Sinnock (subscription)Wells Fargo successfully marketed a $50 billion portfolio of rights from loans it serviced for others in the first quarter. That deal, combined …
Judge Allows Refi Lawsuit Vs. Rocket Mortgage To Move Ahead
National Mortgage Professional, Apr. 17, 2023–David KrechevskyThe lawsuit was filed in October 2022 by two couples who own a property in North Carolina. They claim Rocket fraudulently rejected their application …
Surprise: RMBS Issuance Stages a First Quarter Rally
Inside Mortgage Finance, Apr. 17, 2023–John BancroftIssuance of non-agency MBS staged a huge rebound in early 2023 on the heels of one of the sector’s weakest performances in recent times, …