Deputy Director Antonakes to Depart. CFPB Deputy Director Stephen Antonakes, the number two figure at the bureau, is leaving the agency at the end of July to spend more time with his family, according to an internal memo circulated within the CFPB, a copy of which was obtained by Inside the CFPB. “Steve has been an enormous asset to the bureau, and a great friend and colleague to me since our time together in [Supervision, Enforcement and Fair Lending] in the early days of the bureau,” said the memo, which was authored by Director Richard Cordray. “His contributions to this agency have been extensive in his dual roles as deputy director and supervision, enforcement, and fair lending associate director, and ...
Bank holdings of MBS have increased significantly this year, with the growth concentrated among large banks. Industry analysts suggest that large banks have increased their MBS holdings due to capital requirements, and demand is expected to persist for months to come, pushing up MBS prices. The 25 largest banks held a combined $1.15 trillion in MBS as of the end of June, according to an Inside MBS & ABS analysis of data from the Federal Reserve. The holdings increased by $63.90 billion compared with the end of 2014 and coincide with an increase in deposits at banks. “MBS performance so far this year owes...
Angel Oak Home Loans is still contemplating issuing a security backed by non-agency, non-prime mortgages, but the company’s original self-imposed deadline of July is not going to happen, according to officials familiar with the Atlanta-based originator. As reported by Inside MBS & ABS last month, Angel Oak had been shopping around a roughly $100 million package of nonprime whole loans to several investors. It’s unclear whether any of the portfolio traded. The fact that the lender had been trying...
Market factors are more favorably disposed toward non-agency MBS in the second half of the year than for agency bonds, according to a mid-year review and outlook from Deutsche Bank. “For the second half of 2015, we are cautiously optimistic for the non-agency MBS market, given the favorable fundamentals and technicals,” said Deutsche Bank analysts, who expect home price appreciation and servicer practices to continue to be the two biggest drivers of the MBS credit. On the technical front, the most important factor that affected legacy RMBS is...
JPMorgan Chase last week ended six years of litigation by agreeing to a $388 million settlement to resolve allegations that the bank misled investors about the quality of pre-crisis MBS they had purchased. Still requiring court approval, the settlement would conclude one of the last remaining MBS purchaser class actions arising out of the financial crisis, according to plaintiff attorneys. The suit was filed...
Some industry officials, including Marc Savitt, president of the National Association of Independent Housing Professionals, are worried about the methodology of the project...
United Wholesale Mortgage announced this week that it’s offering interest-only mortgages, joining a growing number of banks and nonbanks originating the loans that don’t meet standards for qualified mortgages. Officials at United Wholesale noted a distinction in the lender’s IO product: “Large banking institutions have widely offered this option, but mostly restricted its availability to jumbo borrowers,” United Wholesale said. The lender is offering IOs with ...
The Consumer Financial Protection Bureau is considering revising income documentation standards to help borrowers that have nontraditional sources of income, according to Richard Cordray, the director of the agency. At a hearing last week by the Senate Committee on Banking, Housing and Urban Affairs, Sen. Mark Warner, D-VA, raised concerns about the income documentation standards included in Appendix Q of the CFPB’s ability-to-repay rule. Non-agency lenders ...
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