Reuters, Mar. 22, 2023–Kanishka SinghHouse of Representatives Financial Services Committee Chairman Patrick McHenry said on Wednesday it was too early to tell if new legislation is necessary after the recent …
Category: Top National News
Elizabeth Warren, Rick Scott Want a New Watchdog Post at the Fed After SVB
Bloomberg, Mar. 22, 2023–Jonelle MarteTwo senior US lawmakers are proposing bipartisan legislation to set up a new Senate-approved watchdog post at the Federal Reserve in the wake of the dramatic …
Independent Mortgage Banks Suffer through Horrid Fourth Quarter to End 2022
Scotsman Guide, Mar. 21, 2023–Arnie AurellanoThe fourth quarter of 2022 was not kind to independent mortgage banks and mortgage subsidiaries of chartered banks, which reported a net loss of $2,812 …
Treasury Secretary Yellen Says the Government Could Backstop More Deposits if Necessary to Stop Contagion
CNBC, Mar. 21, 2023–Jeff CoxIn remarks prepared for a speech to the American Bankers Association, the former Federal Reserve chair said authorities believe they have taken appropriate actions to stem …
UBS, Credit Suisse Pact Stabilizes Key Source of Mortgage Financing
National Mortgage News, Mar. 20, 2023–Bonnie Sinnock (subscription)The $3.2 billion government-backed offer from Switzerland’s UBS to buy its troubled competitor, Credit Suisse, is a relief to the U.S. mortgage market …
Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse
Wall Street Journal, Mar. 21, 2023–Matt Wirz (subscription)So-called agency mortgage bonds are widely held by banks, insurers and bond funds because they are backed by the mortgage loans from government-owned …
Mortgage Giant Fannie Mae Tackles Climate Risk, But Changes to Underwriting May Take Several Years
CNBC, Mar. 20, 2023–Diana OlickThe mortgage giant’s chief climate officer, Tim Judge, says mortgage underwriting does not currently account for climate risk. So he is mounting a major effort — …
Mortgage Bankers Assn. CEO Bob Broeksmit Holds Court at ICE Experience 2023
Ice Mortgage Technology, Mar. 20, 2023Inside the ICE House returns to Las Vegas once again for ICE Experience, our annual mega-conference focused on the mortgage industry. In this episode, listeners …
SVB Collapse Disrupting Bay Area Affordable Housing Projects
GlobeStreet.com, March 20, 2023–Jack RogersThe collapse of Silicon Valley Bank is disrupting affordable housing projects across the Bay Area—where the shuttered bank was the primary lender to non-profits.https://www.globest.com/2023/03/20/svb-collapse-disrupting-bay-area-affordable-housing-projects/?
Future of Nation’s Largest Nonprime Servicer SPS? CS Won’t Say
Inside Mortgage Finance, Mar. 20, 2023–Paul MuoloCredit Suisse, the subject of a federally assisted merger with UBS over the weekend, has yet to clarify the fate of its U.S.-based mortgage …