Browse articles from all of our Newsletters related to OCC.
October 20, 2016 - Inside Mortgage Finance
A federal court ruling that the Consumer Financial Protection Bureaus structure is unconstitutional raises questions that similarly-structured agencies such as the Federal Housing Finance Agency could also be challenged. A DC Circuit Court judge in the PHH Corp. v. Consumer Financial Protection Bureau case ruled that the CFPBs single-director structure was not constitutional because it lacked a multi-member board of directors and its sole director cannot be fired without cause. In court, lawyers from the CFPB called...
October 20, 2016 - Inside Mortgage Finance
According to investment bankers, there continues to be plenty of talk about mergers and acquisitions in the mortgage industry, but deals just arent getting done for the simple reason that the primary targets midsized nonbanks are posting strong profits and want top dollar for their franchises. Were still having conversations with potential buyers, said Chuck Klein, managing partner with Mortgage Banking Solutions, Austin, TX. But there continues to be a wide gap between the bid and the asking price. Klein also noted...
October 14, 2016 - Inside The GSEs
The Federal Housing Finance Agency has included more details regarding how it will monitor the examinations of Fannie Mae and Freddie Mac in its annual performance plan for fiscal year 2017, released last week. Over the past year, the FHFAs Office of Inspector General has blasted the regulator for not completing targeted examinations on time and inadequate follow-up on what were deemed matters requiring attention (MRAs). The new plan noted that the GSEs will continue to address MRAs by submitting remediation plans to FHFA for review. Each non-objected remediation plan will include a timeframe for completion within the fiscal year the MRA was issued or beyond. FHFA added that Fannie and Freddie management are responsible for...
October 6, 2016 - Inside Mortgage Finance
In its thirst to expand further into financial services, IBM recently agreed to buy blue-chip advisory firm Promontory Financial Group, but there are two units that Big Blue wont be getting: Promontory MortgagePath LLC and Promontory Interfinancial. According to industry officials, both units will continue to be owned (at least in part) by PFG founder Eugene Ludwig, the former Comptroller of the Currency who started the firm in 2001. Promontory Interfinancial is considered...
September 29, 2016 - Inside Mortgage Finance
A task force convened by the Mortgage Bankers Association proposed universal principles for loan modification programs across government guarantors, the government-sponsored enterprises and perhaps non-agency mortgages. The One Modification standards published late last week aim to provide servicers with a cohesive framework to complete loan mods when the Home Affordable Modification Program largely ends after this year. MBAs task force recognizes...
September 19, 2016 - Inside the CFPB
Wells Fargo Chairman and CEO John Stumpf will be on what is expected to be a very hot seat before the Senate Banking, Housing and Urban Affairs Committee tomorrow when he is expected to explain what went wrong at his institution that enabled employees to open more than two million deposit and credit card accounts that may not have been authorized by consumers. CFPB Director Richard Cordray is also scheduled to testify, as is Comptroller of the Currency Tom Curry and ...
September 16, 2016 - Inside MBS & ABS
Regulations and practices in the mortgage market will help protect investors in MBS backed by residential mortgages from marketplace lenders, according to Moodys Investors Service. However, its not clear if the protections will be enough to offset the rating penalties often applied to originators and assets that lack historical performance records. Moodys published its analysis last week, noting that while no residential MBS has been issued by a marketplace lender as yet, the firm expects issuance at some point. Marketplace lenders the most prominent of which is Social Finance connect...
After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?
- Im confident a bill will be passed the first year.
- 2 to 3 years. GSE reform is complicated.
- Sadly it wont happen in a Clinton or Trump first term.
- Not in my lifetime.
Most Popular Stories
- A Milestone: Nonbanks Now Control 51 Percent-Plus of Ginnie Mae Servicing Market
- Realty Giant RE/MAX Launches Mortgage Brokerage Franchise. The Concept: One-Stop Shopping
- CBO Says Even if GSE Plaintiffs Prevail, Treasury Would Still Get Most of the Earnings of Fannie and Freddie
- Freddie Tweaks Loan Advisor Product, Offers No-Cost Automated Appraisals
- Short Takes: FHFA Chief Mel Watt: Embrace Change, Folks / Halfway to Five Years / MBAs Stevens Makes Reference to FHA Lawsuits / For Wells Fargo, the Fallout Continues