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Inside the CFPB
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OCC Stance on Accounting for Warehouse Lines May Spell Trouble for Smaller Banks

March 21, 2013
Last summer, the Office of the Comptroller of the Currency issued an advisory concerning warehouse lines of credit that was all but ignored by most players in the market. That is, until now. In a research note, Keefe, Bruyette & Woods said the “new” OCC rules could force Texas Capi-tal Bank to increase the risk weighting of its warehouse lines to 100 percent, from its current designa-tion of 37 percent.
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FHFA IG Raises the Question of Whether $93 Billion in GSE Deferred Tax Assets Can Be Captured

March 20, 2013
Paul Muolo and Charles Wisniowski
Can Fannie Mae and Freddie Mac capture $93 billion in deferred tax assets - money that ultimately will flow through to the U.S. Treasury?
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Short Takes: Genworth Executive Bolts for Servicer / Hedge Funds Get Cold Shoulder from the GSEs? / Chimera Continues to Have Reporting Problems / The Cordray Saga Continues / PLS Modifications at 45 Percent

March 20, 2013
Paul Muolo and Thomas Ressler
Genworth is losing a top MI executive to a mortgage servicer. And more woes for Chimera...
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Banks Increase Servicing Valuations in Late 2012

March 19, 2013
John Bancroft
At the end of the year, banks and thrifts serviced $5.323 trillion of home mortgages for other investors, giving these MSRs an asset value of $41.43 billion.
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Senate Banking Panel Approves Cordray to Head CFPB But GOP Isn’t Happy

March 19, 2013
Thomas Ressler
The Senate Banking Committee, as expected, approved the nomination of Richard Cordray to head the CFPB, but Republicans are not happy about the structure of the young agency.
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FHFA Chief Critical of Congress for Lack of Movement on GSE Reform

March 19, 2013
Charles Wisniowski
FHFA chief Edward DeMarco on Tuesday criticized Congress for doing nothing in regard to GSE reform.
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Short Takes: HUD Ready to Slash Contractors / CoreLogic Sees Improvement in Underwater Homes / Two Harbors Raises $673 Million / HSBC Planning the Mother of All NPL Auctions?

March 19, 2013
Paul Muolo
HUD may be forced to cut some of its vendors due to the federal sequester. Meanwhile, Two Harbors raises $673 million.
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IRS Issues Conflicting Opinion on Deductibility of REO Costs

March 18, 2013
Brandon Ivey
Historically, many banks have deducted expenses associated with REO, but all that may soon change thanks to a new IRS ruling.
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Short Takes: New York AG Schneiderman and Other AGs Want DeMarco Replaced Now / Federal Reserve Banks Tapped for CFPB Expenses / Hallmark Enters Wholesale Arena / Two New Wholesale AEs for 360 Mortgage

March 18, 2013
Paul Muolo and Thomas Ressler
Nine Attorneys General, unhappy with the pace of loan modifications, are calling for the immediate dismissal of acting FHFA director Edward DeMarco.
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Sources: FHFA Blocked Fannie Tax Deferral Which Could’ve Topped $60 Billion

March 18, 2013
Paul Muolo
Fannie Mae could be in line to book $60 billion in assets, money that could be counted as net worth and change its immediate financial outlook.
Read More
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