Bloomberg podcast, March 20, 2023–Joe Weisenthal, Tracy AllowayMarkets are suddenly on edge due to strains in the financial system. But banks aren’t the only source of stress. Pockets of the …
Category: Top National News
Mortgage Servicing Market Leans More to Whole Loans
Inside Mortgage Finance, Mar. 16, 2023–John BancroftDepository institutions held $3.418 trillion of whole mortgage loans on their books at the end of 2022, a gain of 2.0%. In the slow-moving …
Sterling Bancorp Inc. To Plead Guilty to $69M Securities Fraud
National Mortgage Professional, Mar. 16, 2023–Keith GriffinSterling Bancorp, based in Michigan, has agreed to plead guilty to securities fraud for filing false securities statements relating to its 2017 initial public …
loanDepot Discloses Large Cash Transfer Out of ‘Bridge Bank’ Signature
Inside Mortgage Finance, Mar. 15, 2023–Paul MuololoanDepot, the nation’s 16th largest servicer, disclosed in an SEC filing Wednesday morning that on Monday one of its affiliates transferred $225 million of …
Real Estate Investor Run on Signature Bank Helped Fuel Its Demise
Wall Street Journal, March 15, 2023–Konrad Putzier, Peter Grant (subscription)A rush by New York City real estate investors to yank money out of Signature Bank last week played a significant …
Market Stability Tenuous as Rates Fall, Rise and Moody’s Issues Warning on Banks
Inside Mortgage Finance, Mar. 14, 2023–Paul MuoloFor a few hours Tuesday morning it seemed as though stability had returned to financial markets in the wake of Silicon Valley Bank’s collapse, …
Hispanic Homeownership Rate Rose to 48.6% in 2022
HousingWire, Mar. 14, 2023Latinos have the largest near mortgage-ready population of any racial or ethnic group, according to NAHREP.https://www.housingwire.com/articles/hispanic-homeownership-rate-rose-to-48-6-in-2022/
Silicon Valley Bank’s Failure is a Lesson for Depositories with MBS
National Mortgage News, Mar. 13, 2023–Bonnie Sinnock (subscription)While many things played a role in the bank’s downfall — including the withdrawal of its niche depositors, a social media post from …
Efforts to Reach Historically Neglected Segments Grow
Mortgage Professional America, Mar. 13, 2023–Tony CantuThe Mortgage Bankers Association recently launched an initiative meant to reduce the racial homeownership gap and increase homeownership opportunities for minority borrowers. Through the …
Cracks Emerging in U.S. Office Sector: Loan Defaults Fuel Concern of More Pain Ahead
UrbanLand, Mar. 13, 2023–Beth Mattson-TeigAccording to the Mortgage Bankers Association, office is the second largest category behind multifamily with roughly $750 billion in mortgages held by both bank and non-bank …