A policy shift at the Securities and Exchange Commission requiring admission of guilt in certain cases may encourage wrongdoers in the securities market to litigate rather than settle, resulting in fewer SEC settlements, according to some compliance attorneys. Fear of possible criminal prosecution and the lasting impact of an admission of guilt could compel accused companies and individuals to take their cases to trial rather than negotiate a settlement, warned Philip Stein and Jeremy Sahn, partners in the Miami-based law firm of Bilzin Sumberg. Starting in June 2013, the SEC began requiring...
Industry participants expect that volume will continue to grow as investor demand for commercial MBS remains strong despite some loosening of underwriting standards.
Since Mel Watt was sworn into a five-year term as Federal Housing Finance Agency director on January 6, the former North Carolina Congressman has made no public appearances or policy statements except for canned comments attributed to him in routine FHFA press releases.
The FHFA will show the MI standards to state insurance regulators first, but only if they agree to sign a “non-disclosure” agreement with the FHFA or the government-sponsored enterprises regarding the content they see.
Among the changes on the table are disclosing the loan term, total points and fees, the length of any teaser or introductory rate, and the applicant or borrower’s age and credit score.
New York regulator Lawsky raised concerns about the servicing cost-savings long touted by Ocwen, which are achieved via technology and employees largely located outside of the U.S.
Still, purchase-mortgage originations fell sharply in the fourth quarter, dropping almost 23 percent from the previous period, according to figures compiled by Inside Mortgage Finance.
The FHFA permitted Fannie Mae to continue without the ability to assess repurchase late fees because the GSE claimed the cost of setting up such a program could cost $5.4 million
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