Although the National Credit Union Administration and a top CU trade group favor allowing credit unions to buy mortgage servicing rights in the secondary market, don’t look for these “nonprofit” depositories to become significant players anytime soon. At least that’s the opinion of a handful of investment bankers and others who ply their trade in the MSR market. For starters, CUs are not...
A proposal by federal regulators to delay tougher capital requirements for mortgage servicing assets will have a “marginally positive impact” on banks subject to the proposal, according to banking regulators. Near the end of August, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. issued a proposed rule that would extend the current treatment on mortgage servicing rights and related assets, delaying tougher standards established by Basel III. The proposal would apply to banks that aren’t subject to the “advanced approaches” capital rules – generally banks with less than $250 billion in total assets. “For small banking organizations that have significant amounts of MSAs ... the proposal could...
Lenders and servicers of Fannie Mae and Freddie Mac mortgages notched a big win in the U.S. Court of Appeals for the Ninth Circuit, which found that a federal bar on foreclosure on government-sponsored enterprise loans preempted Nevada’s superiority lien law. As a published decision, the court’s ruling in Berezovsky v. Moniz resolves the dispute in favor of the federal foreclosure bar, according to Marc James Ayers and R. Aaron Chastain, attorneys with Bradley Arant Boult Cummings. It serves as a binding precedent in the Ninth Circuit and should guide other circuits in deciding cases involving homeowners associations’ super-priority liens, they said. In Berezovsky, the panel affirmed...
Sounding like a candidate, the CFPB Director noted: “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”
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