Ben Lane is the Senior Financial Reporter for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas. Follow Ben on Twitter at @BenLaneHW.
It’s probably safe to say that House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, is no fan of the Consumer Financial Protection Bureau. And as Hensarling told the Dallas Morning News in a recent interview, there are plenty of good reasons to change the CFPB.
While winter usually means a decline in home sales, California just saw its first increase in home sales between December and January since 2012, a sign that the Golden State could be in for a strong housing year.
Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
President Donald Trump recently selected a new leader for one of the government’s top financial regulators, nominating top Wall Street lawyer Jay Clayton to serve as the chair of the Securities and Exchange Commission. But what does Clayton think about the current state of financial regulations? Here's a glimpse.
Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
Altisource Portfolio Solutions revealed recently that the CFPB is looking into the company’s relationship with Ocwen Financial. But that wasn’t the only Ocwen-related revelation of the week. The company also reached a $32 million settlement in a class action lawsuit brought by Altisource investors who claimed financial harm after Altisource’s stock plummeted when the New York Department of Financial Services began investigating the company’s relationship with Ocwen in 2014.
Recently, Fannie Mae announced its first non-performing loan sale of 2017, stating that it plans to sell 10,000 delinquent loans with a total unpaid principal balance of $1.76 billion from its portfolio. Fannie Mae’s fellow government-sponsored enterprise announced a NPL sale of its own on Friday.
The most recent data from Freddie Mac shows that the average interest rate for a 30-year, fixed-rate mortgage is around 4.15%, but interest rates are going to increase by a significant margin over the next few years, analysts from Goldman Sachs said in a new report. Here are the details.
Given the Trump administration’s recent maneuvering to fire Consumer Financial Protection Bureau Director Richard Cordray, it’s probably not a surprise that President Donald Trump disagrees with the U.S. Court of Appeals for the District of Columbia Circuit’s decision to rehear a challenge to the CFPB’s constitutionality.
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
Singling out the law that created the CFPB generated a backlash from Congressional Democrats, but it remains to be seen what Democrats can do to stop the Trump juggernaut. See what Mike Jones of Navigant advises servicers to do in this uncertain environment.
Portfolio managers and investors also have a vested interest in the expansion of the non-QM market. They have an appetite for non-QM assets as they represent an attractive yield opportunity. That’s why we’re seeing more “hold” strategies at work with current non-QM production.