FHFA has handed over a list of CEO candidates to Spencer Stuart, which bills itself as an international recruiting firm with 54 offices in 29 countries.
The PATH Act awaits a vote on the House floor. But Hensarling’s measure is widely viewed as a non-starter in comparison to the Senate’s bipartisan Corker-Warner bill.
According to a new letter obtained by Inside Mortgage Finance, HUD says it is uncertain whether any new loan created under the controversial eminent domain plan would qualify for FHA insurance.
Agency issuance of single-family MBS declined modestly in July, according to a new analysis by Inside MBS & ABS, with most of the decline coming in Freddie Mac’s business. The three government MBS agencies issued a total of $144.26 billion in single-family MBS last month, down 2.5 percent from June’s level. It was the lowest monthly production level so far in 2013, and issuance has generally drifted lower since peaking in January. July did push the year-to-date total for 2013 over the $1 trillion mark, up 17.9 percent from the first seven months of last year. The biggest shift was...[Includes one data chart]
The Department of Justice and the Securities and Exchange Commission filed similar lawsuits this week against Bank of America regarding an $855.67 million non-agency jumbo MBS issued in January 2008. The lawsuits claim that BofA failed to disclose key facts regarding one of the last jumbo deals to be issued before the securitization market essentially closed in 2008. BofA counters that the securities were sold to sophisticated investors that had “ample access” to the underlying data. BofA was the issuer of the security in question – Banc of America Mortgage 2008-A Trust – as well as the originator, servicer, sponsor and depositor, and affiliated entities managed the transaction. The regulators allege...
The Federal Deposit Insurance Corp. would be prohibited from repudiating covered bonds when resolving a failed banking institution under the provisions of a controversial housing reform bill put together by the Republican leadership of the House Financial Services Committee and passed out of committee last week. That prohibition would go a long way toward resolving the long-standing hurdles that have thwarted development of a covered bond market in the United States. But it also amps up the level of controversy associated with H.R. 2767, the Protecting American Taxpayers and Homeowners Act of 2013, introduced by Committee Chairman Jeb Hensarling, R-TX, and Rep. Scott Garrett, R-NJ, the architect of a covered bonds bill introduced in the 112th Congress. The relevant provisions in the PATH Act are...
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