And doing business as a too-big-to-fail bank means more money transactions by volume, compared to smaller banks. Mix that with a perception that the big bank is too-big-to-fail and investors show favoritism.
The New York Federal Reserve announced Tuesday it selected William C. Dudley as its new president and CEO. Dudley, 56, will succeed Timothy Geithner, who was sworn in as the new Treasury secretary late Monday.
They've been called "the dream team" -- dubbed by supporters as brilliant, outstanding and exceptionally talented, President-elect Barack Obama unveiled nominations for his administration's economic team Monday. Among them is current New York Federal Reserve President Timothy Geithner, who Obama has tabbed as the next secretary of the U.S. Treasury, a position that will undoubtedly shape the tenor of the mortgage financial market for the next four years.
As Ben Bernanke delivered largely unsurprising remarks Tuesday suggesting that a formalized regulatory structure was needed to manage future potential failures of large investment banks, lawmakers in the House of Representatives said they would hold the first of a series of hearings on growing systemic risk in the nation's financial markets.
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine..
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves. Read More
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject. Read More