School Accrediting Body Wins One Against the CFPB. The U.S. Court of Appeals for the D.C. Circuit has upheld a district court ruling that a civil investigative demand (CID) issued by the CFPB against the Accrediting Council for Independent Colleges and Schools (ACICS) is unenforceable. This is a big deal, and not just as it relates to the bureau. “The decision represents the first time in decades that a federal appeals court has struck down an administrative subpoena issued by the federal government,” said Allyson Baker of Venable LLP, who served as one of the lead counsel for the firm on behalf of ACICS....
Investors Unite: “We’re encouraged to see that MBA has changed its position on both of these issues and we also note that in their [sic] paper, MBA acknowledges the role of the Federal Housing Finance Agency … in stabilizing the companies during the conservatorship.”
Arch Capital will issue its quarterly earnings this Wednesday, April 26. It will mark the first earnings release following the Arch Mortgage Insurance purchase of competitor United Guaranty…
The average daily trading volume in agency MBS reached $207.8 billion in March, a mere 2.66 percent gain compared to the month prior and a sign that investors are in a holding pattern these days, trying to decipher both the stock market and geopolitical events. According to figures compiled by the Securities Industry and Financial Markets Association, average daily trading volume jumped 9.7 percent compared to the same month a year ago. In January 2017, $229.8 billion in product changed hands daily. Meanwhile, a recent decline in rates means...
Seven marketplace lending securitizations with a total issuance of $3.0 billion came to market during the first quarter of 2017 – a quarterly record, according to a new report by PeerIQ, a New York-based data provider and risk-analysis firm for the peer-to-peer lending industry. Total securitization issuance to date now stands at $18.0 billion, with 80 deals issued so far (48 consumer, 22 student, one mortgage and nine small and medium-sized enterprises) since September 2013, the PeerIQ analysts said. Also, the trend towards rated deals and larger transactions continued...
The Mortgage Bankers Association is sticking with its proposal to keep Fannie Mae and Freddie Mac alive, but with new charters, while inviting other players to compete with the two giants in the securitization of conventional mortgages. The trade group this week proposed a utility-like model for the re-christened government-sponsored enterprises. They would inherit the personnel and systems the GSEs now have, but become limited-purpose, publicly owned securitization businesses under tight government regulation. Other entities could apply...
Blockchain technology could help reduce the compliance costs associated with Regulation AB2, according to the Structured Finance Industry Group and the Chamber of Digital Commerce. The two trade groups recently submitted a comment letter to the Financial Industry Regulatory Authority in response to FINRA’s report on distributed ledger technology. FINRA, an independent regulator of broker-dealers, is considering the implications of blockchain for the securities industry. Blockchain is...
The Mortgage Bankers Association, this week, released more details in conjunction with its GSE reform proposal published earlier this year. Expanding on some of the concepts presented in January, the MBA paper includes more detailed end-state reform recommendations including elaborating on the transition plan. The trade group’s approach for reforming Fannie Mae and Freddie Mac calls...
Freddie Mac introduced a curriculum to help potential manufactured homebuyers in Kentucky get a mortgage and is now looking to increase lender participation in the program. The GSE partnered with Next Step Network, a housing intermediary based in Louisville, and three nonprofit housing counseling agencies to create the online education curriculum aimed at better preparing Kentucky homebuyers with blemished credit histories. Since the initiative was rolled out...
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