The Trump administration plans to issue a request for information (RFI) regarding a Department of Labor final rule currently on hold that would raise the annual salary threshold for employee exemption from overtime pay. Testifying before the House Committee on Appropriations last week, Labor Secretary Alexander Acosta said the proposed RFI would seek public comment regarding the economic or anticipated impact of raising the annual salary requirement for overtime exemption from the current $23,660 to $47,476, as the previous administration had proposed. The Obama administration issued...
At the very least, these investors want a legal settlement with the Treasury Department over their “takings” claims. But will Treasury Secretary Steven Mnuchin deal?
American International Group’s jumbo conduit has purchased a significant volume of mortgages in the past year and has plans to issue non-agency mortgage-backed securities. As of April, AIG Investments had purchased prime jumbo mortgages with an original balance of approximately $4.80 billion, according to Fitch Ratings. AIG launched its residential mortgage lending division in 2013 and has ramped up acquisition activity since then. Fitch recently assessed...
A loan exchange operated by MAXEX looks to be a new source of jumbo mortgages. The exchange was recently assessed by Fitch Ratings and loans sourced from the exchange have been included in jumbo mortgage-backed securities issued by JPMorgan Chase. MAXEX was founded in 2012 but didn’t launch its LoanExchange platform until June 2016. Mortgages with an unpaid principal balance of more than $500.0 million have traded on the platform, according to Fitch. “JPMorgan Chase is...
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