The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
Rep. Maxine Waters, the ranking minority member of the House Financial Services Committee, believes that now is "precisely the time to think about how we can reshape the secondary mortgage market."
RAIT Financial Trust, Philadelphia, is funding roughly $60 million to $70 million a quarter in multifamily and low-balance commercial loans, product that is winding up in MBS issued by Barclays Capital and Citigroup Securities. According to Jason Stewart, an analyst with Compass Point Research & Trading LLC, the company also has a line of credit from Credit Suisse, and is working on a $100 million to $150 million deal that could be ready by the third quarter. A publicly traded real estate investment trust, RAIT is...