The CFPB recently launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the bureau, including data on company performance, complaint volume, state and local information, and product trends. The first installment in the series focuses on debt-collection complaints and complaints from consumers in Milwaukee. The bureau said it expects companies to respond to complaints within 15 days and to describe the steps they have taken or plan to take to resolve the complaint. “The CFPB expects companies to close all but the most complicated complaints within 60 days,” it said. “Complaints inform the bureau’s work and help to identify issues in the market, which feed into the bureau’s supervision and ...
A majority of Republican, Democratic and independent voters across the U.S. support the work and mission of the CFPB, according to a recent national poll sponsored by the Center for Responsible Lending and Americans for Financial Reform, both of which are strong supporters of the bureau. Support for the CFPB after voters hear a description of its purpose has held steady since last year at 75 percent, with 85 percent of Democrats, 74 percent of independents, and 66 percent of Republicans in favor. Voters’ support for the CFPB holds up after head-to-head arguments, with majority support for the pro-CFPB argument across party lines. Also, 72 percent support the CFPB’s enforcement actions against Bank of America and GE Capital, as opposed ...
Deputy Director Antonakes to Depart. CFPB Deputy Director Stephen Antonakes, the number two figure at the bureau, is leaving the agency at the end of July to spend more time with his family, according to an internal memo circulated within the CFPB, a copy of which was obtained by Inside the CFPB. “Steve has been an enormous asset to the bureau, and a great friend and colleague to me since our time together in [Supervision, Enforcement and Fair Lending] in the early days of the bureau,” said the memo, which was authored by Director Richard Cordray. “His contributions to this agency have been extensive in his dual roles as deputy director and supervision, enforcement, and fair lending associate director, and ...
FHA/VA lender Castle & Cooke Mortgage is embarking on a major expansion that could boost their standing in the government-backed market if things work out as planned. The Salt Lake City-based retail lender is in the midst of an aggressive expansion plan to be in 48 states by the end of 2016, according to Adam Thorpe, who was named president and chief operating officer in late 2014. C&C’s government-backed lending activities are mostly in the West with licenses to operate in 18 states. Recently the company, which entered the mortgage market in 2005, opened a new branch office in Anaheim, CA, bringing to 36 the number of C&C branch offices across the country. Orange County and the Southern California housing market are among the priciest in the nation, and the high demand and lower inventory in those areas can be good for government and ...
A rebound in multifamily MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae pushed total securitization of commercial mortgages up slightly in the second quarter of 2015. A total of $53.96 billion of income-property mortgages were securitized in the second quarter, according to a new Inside MBS & ABS market analysis. That was up a scant 0.6 percent from the first quarter of 2015. All of the gain came...
Moody’s Investors Service is worried about increasing leverage in commercial MBS conduit deals, which reached peak levels not seen since 2007. Issuance of non-agency commercial MBS has been strong in recent years, boosted by demand for conduit deals. In a recent report, Moody’s noted that the credit quality of conduit deals continues to deteriorate, with the third-quarter pipeline indicating further increases to loan-to-value ratios derived by the rating service. The Moody’s LTV ratio on conduit CMBS hit...
Bank holdings of MBS have increased significantly this year, with the growth concentrated among large banks. Industry analysts suggest that large banks have increased their MBS holdings due to capital requirements, and demand is expected to persist for months to come, pushing up MBS prices. The 25 largest banks held a combined $1.15 trillion in MBS as of the end of June, according to an Inside MBS & ABS analysis of data from the Federal Reserve. The holdings increased by $63.90 billion compared with the end of 2014 and coincide with an increase in deposits at banks. “MBS performance so far this year owes...
Fannie Mae and Freddie Mac risk-sharing transactions have gained steam in the first half of 2015 with the GSEs issuing $7.04 billion through the end of June, a 62.9 percent increase over the first half of last year. Since the credit-risk transfer program launched in July 2013, the two government-sponsored enterprises have sold $19.61 billion of CRT bonds to a growing universe of investors. The CRT bonds transferred a portion of the credit risk on some $704.45 billion of single-family MBS. In addition, Fannie and Freddie have purchased...
If the pace continues over the second half of the year – and strong consumer demand for apartments suggests it will – 2015 would become the best year ever in agency multifamily MBS.
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