The Treasury Market Practices Group wants to improve efficiency in the agency MBS market by imposing charges for failure to complete transactions. The TMPG is proposing fails charges in the agency debt and agency MBS markets in order to reduce the incidence of delivery failures in the market, said Tom Wipf, chair of...
Securitization markets would gain more certainty regarding securities issuance going forward under legislation passed out of a House subcommittee this week that would restore to credit rating agencies their previous exemption from expert liability under the Securities Act of 1933. The exemption was removed with...
Mandatory risk-retention requirements will severely limit non-agency mortgage originations and securitization, according to market participants. Even portfolio originations could be hindered due to the pending rule from federal regulators. Loan availability is likely to be quite restricted in the...
Non-bank servicers are likely to face regulatory scrutiny and mandated changes, according to industry lawyers. And the consent orders recently issued by federal regulators to 14 large banks and thrifts could serve as best practices for non-bank servicers until the expected punishments are levied. If history is any guide, its not going to be...
The consent orders recently agreed to between federal regulators and large bank servicers will help Ocwen Financial, according to officials at one of the largest servicers not subject to the enforcement action. We think these orders enhance our ability to source new business as existing servicers seek to either...
One of the emerging compliance priorities for mortgage lenders will be to synchronize as much as possible their adoption of separate rules for qualified mortgages and qualified residential mortgages developed by federal regulators following the Dodd-Frank Wall Street Reform and Consumer Protection Act. Adding to the challenge is...
The Department of Housing and Urban Development clearly spelled out that lenders must be discrete in their use of the FHA Approved Lending Institution insignia and defined other specific regulations relating to logo use in a letter to lenders this week. Improper use of HUD or FHA logos can result...
The outgoing president of the Federal Reserve Bank of Kansas City turned some heads this week when he declared that the nations largest banks and recipients of federal bailout funds should be re-branded as government-sponsored enterprises and their lending activities should be curtailed accordingly. Thomas Hoenig reportedly told...
Implementing a broad range of procedural changes and picking through two years worth of foreclosure activity are expected to impose a significant expense on mortgage servicers that agreed to consent orders with federal regulators this week, but industry experts say the threat of penalties and remedial costs appears...[Includes one graph]
Federally regulated banks and credit unions favor Republican-backed legislation that would install a commission, instead of a single director, to call the shots at the Consumer Financial Protection Bureau. The majority of witnesses at a recent hearing called by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit expressed their support for...