It’s official: Steve Horne out as Wingspan CEO

It’s official: Steve Horne out as Wingspan CEO

Jason Spooner takes over; Horne becomes senior advisor

This is why Fannie and Freddie mortgage initiatives won't work

MBA declarations are feel-good, but temporary

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers
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Items Tagged with 'FDIC'

ARTICLES

SEC approves risk retention rule, pending Fed approval

Industry continues to weigh in
Brena Swanson
The Securities and Exchange Commission approved the final version of the risk retention rule that would require banks to retain at least 5% of the risk on their books when securitizing loans. Now all that is left is approval from the Federal Reserve.
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MBA’s Stevens: Final risk retention rule works for mortgage bankers

Alignment of QM and QRM helps lenders
Trey Garrison
The president and CEO of the Mortgage Bankers Association says he believes the final QRM definition issued today by the Federal Deposit Insurance Corporation will be a positive for the industry.
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Joint agency rule on risk retention goes to Fed, SEC for final adoption

Rule requires 5% skin in the game, alignment of QM and QRM
Trey Garrison
The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.
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FDIC allotted $1.03 billion of BofA settlement

Claim connected to 26 failed banks
Brena Swanson
Included in Bank of America's settlement with the Depart of Justice, the Federal Deposit Insurance Corporation as receiver for 26 failed banks will receive $1.03 billion.
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Federal regulators order big banks to fix “living wills”

Bank of America, JPMorgan Chase, others told to fix bankruptcy plans
Ben Lane
"The living wills before us fail to fully acknowledge these issues and ignores other operational issues," said Thomas Hoenig, FDIC vice chairman. "They demonstrate little ability to cope adequately with failure without some form of government support. The economy would almost surely go into crisis."
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Monday Morning Cup of Coffee: Homeownership rate headed to historic lows?

More racial discussion in housing
Ben Lane
BofAML analysts suggest that the "scars" of the housing crisis may drive homeownership rates down to levels not seen in 40-50 years. Plus other interesting notes that crossed HousingWire's news desk over the weekend.
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FDIC report confirms banks' mortgage exodus

Reduced mortgage volumes driving down earnings
Ben Lane
According to the FDIC quarterly banking profile, this marks only the second time in the last 19 quarters that the industry has reported a year-over-year decline in quarterly earnings. To make matters just a little bit worse, both declines have occurred in the last three quarters.
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Monday Morning Cup of Coffee: Will Citi follow in JPMorgan, Wells Fargo footsteps?

Also, criticism grows for FHA fees
Jacob Gaffney
In an important week on earnings, analysts lay out the scenario of performance for Citigroup. Plus, mortgages are growing at smaller lenders, criticism of the FHA continues, and the investor plan to buy a Baltimore bank appears in jeopardy.
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GOP wants CFPB merged with other regulators

Democrats think cost-benefit analysis is 'dangerous'
Trey Garrison
The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement got heated because Democrats don't want cost-benefit analysis and Republicans want to merge regulators and bring them under Congressional oversight.
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Are post-crisis credit requirements holding back 1.2M mortgages?

Researchers at the Urban Institute say yes, and explain how
Trey Garrison
The number of mortgages that could be made if credit conditions and requirements were at traditional, pre-crisis levels could top 1.2 million.
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