The nonprime mortgage-backed security issued by Deephaven Mortgage earlier this month was largely similar to a deal the firm issued in April, save for a greater emphasis on mortgages underwritten with less than full documentation. So-called alternative documentation mortgages accounted for 36.5 percent of the $250.13 million MBS Deephaven issued this month, up from a 17.7 percent share of its $221.14 million issuance in April. Non-agency lenders underwriting mortgages ...

We can only assume Sen. Warner knows Freddie Mac is headquartered in his state, which means the company’s employees are his constituents.

The month of July may very well be do-or-die time for policymakers to decide whether they should delay implementation of the Consumer Financial Protection Bureau’s new reporting requirements under the Home Mortgage Disclosure Act. “Regulators, and particularly members of Congress, don’t understand that if you’re going to delay the rule based on the technology implications of it, you really have to make a decision fairly far out before the rule becomes effective,” said Richard Andreano, a partner with the Ballard Spahr law firm in Washington, DC. He gave his remarks during a panel discussion at the American Bankers Association’s annual regulatory compliance conference, held in Orlando last week. In his judgement, July is...

One possible snag is the Consumer Financial Protection Bureau.

Lenders originating nonprime mortgages have a number of different programs for borrowers shut out of the agency market, including an emphasis on reduced documentation requirements. Deephaven Mortgage is among the lenders that have pooled newly originated nonprime home loans into mortgage-backed securities. The company’s recent $250.13 million MBS included a variety of loans, largely focused on non-qualified mortgages. Some 82.6 percent of the loans in the deal were...

Weeks after the Trump administration banned the practice, the Senate Judiciary Committee is looking into whether the Obama administration used mortgage-related settlement funds to funnel money to political organizations that Congress deliberately defunded. In a recent letter to Attorney General Jeff Sessions, Sen. Chuck Grassley, R-IA, chair of the Senate Judiciary Committee, revived a standing request to the Department of Justice for a list of all settlement agreements reached during the previous administration that involved alleged payments to partisan community organizations. He gave the agency until June 28 to respond to his request. Specifically, Grassley asked...

The Consumer Financial Protection Bureau’s integrated-disclosure rule has been in effect for more than 18 months now, and industry compliance professionals still have a number of questions in need of answers as they await the issuance of the so-called TRID 2.0 rule from the agency. The rule had been expected in the first quarter of 2017, but to date, not a peep has been uttered by the agency as to the cause of the delay or when lenders might expect the final rule. The Treasury Department recently issued...

Wells Fargo Bank finds itself in yet another legal quagmire, accused of illegally making “stealth modifications” to mortgage payments of borrowers in bankruptcy without their permission – a charge the bank vehemently denies. A class-action lawsuit filed recently in the U.S. Bankruptcy Court for the Western District of North Carolina alleges that Wells Fargo made unauthorized mortgage modifications that neither the bankrupt debtors, their attorneys nor the bankruptcy court requested or approved. In some cases, 30-year loans were...

But before you can shout “Let’s make America great again” there are some caveats to consider...

Sen. Warner noted the Trump administration is committed to doing something about the GSEs…