Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureau’s QM rule and restrictions on high-cost loans would pretty much exclude manufactured housing – and then accused Cordray of deliberately trying to squash lower-income families.
Athas’ originations include stringent downpayment requirements: at the end of 2013, the weighted average loan-to-value ratio on loans held by RCP was 48 percent.
Bank of the West executive Paul Wible said the lender believes, "A well-underwritten, interest-only mortgage can be a good choice for our customers" and are safe for the depository to hold in portfolio.
The settlement covers damages suffered by Fannie Mae from misrepresentations Lehman was alleged to have made regarding the quality of non-agency product it sold to the GSE.
Investment banking and mortgage executives believe the departures at MRP could mean that the industry’s battle against the use of eminent domain is over and that the strategy is now kaput.
Rep. Shelly Moore Capito, R-WV, said many credit unions and community banks “feel that they’re not going to be able to have the flexibility to give the farmer, the medical student, the single mother, the ability to get the home because they’re not going to fit into the QM box.”
Mortgage topics don’t always make the President’s State of the Union speech, but President Obama Tuesday night may touch on the issue of credit availability and whether the government has “gone too far.”
The cost of mortgage compliance was a topic making the rounds at the recent ABS Vegas show in Nevada. Attendees, of course, wanted to know who might pay for all the new added costs.
“It’s nearly impossible to get the information to the right person to vote on it,” said Bill Moliski, a managing director at SG Capital and former managing director at Redwood Trust.
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