Lending

Lending

ARTICLES

Here's one Fannie Mae bull's take on how the GSEs can exit conservatorship

And what happens to the stock after that
In the weeks since Steve Mnuchin sent shockwaves through the housing industry by stating that the Trump administration planned to end the conservatorship of Fannie Mae and Freddie Mac, reactions varied on whether that can actually be done and how expensive it might be. Here's an interesting take from an interested party on how the GSEs might actually exit conservatorship and what that would mean to the GSE stockholders who've waited quite a few years for a resolution.
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SoFi officially licensed to lend in New York

State estimated to be future No. 2 market for SoFi
After roughly a year to get finalized, SoFi officially received its license to lend in New York, which is one of the most difficult states to acquire a license in, Michael Tannenbaum, SoFi’s chief revenue officer, said in an interview. And now with New York under it's belt, Tannenbaum touches on a strong mortgage future ahead for SoFi.
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It's official: Deutsche Bank reaches $7.2 billion RMBS settlement

Largest RMBS settlement ever
Late last year, Deutsche Bank announced that it reached a $7.2 billion settlement with the Department of Justice in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. Although the bank made the announcement in late December, the settlement was not official, but it is now.
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Ellie Mae names PwC premier consulting partner

Part of Ellie Mae’s Pro consulting partner program
PricewaterhouseCoopers joined Ellie Mae’s Pro consulting partner program as a Premier Partner. The premier level is offered by invitation only, with PwC being Ellie Mae’s first Premier Partner in the program. This is what the two companies hope to achieve though their partnership.
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Minnesota's KleinBank accused of discriminatory lending

DOJ accuses bank of redlining minority neighborhoods
Minnesota-based KleinBank excluded minority neighborhoods from its service area for all banking services and engaged in discriminatory lending, the Department of Justice claimed in a lawsuit filed late last week. According to the Department of Justice, none of KleinBank’s branch locations in the Minneapolis-St. Paul metro area is located in a minority neighborhood, a practice known as “redlining.” The bank denies the DOJ's allegations.
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Senate Democrats to Trump: Do not fire CFPB director, you've been warned

"Why would Trump want to go after the bureau in his first week of office?"
Senate Democrats are adamantly fighting back against growing calls for President-elect Donald Trump to fire Consumer Financial Protection Bureau Director Richard Cordray. This time around Senate Democrats held a press call to emphasize the importance of Cordray and what the consequences would be if Trump attempted to fire him.
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KBW: What Wells Fargo, Chase 4th quarter results mean for the rest of the industry

A deeper dive at the big banks' mortgage banking earnings
While the fourth-quarter results for Wells Fargo and JPMorgan Chase were decidedly mixed, with JPMorgan significantly exceeding and Wells Fargo missing market expectations, there was one common denominator among the big banks’ earnings – lower earnings from mortgage banking. But what should the market make of those results?
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Movement Mortgage CEO: Steven Mnuchin was not a "foreclosure king"

Makes a nice soundbite, but simply isn’t true
Senate Democrats dubbed Trump’s nominee to lead the Department of the Treasury, Steven Mnuchin, the "foreclosure king." However, Movement Mortgage CEO Casey Crawford says while this makes a nice soundbite, it simply isn’t true. Given that everyone is focusing on Mnuchin’s participation in the foreclosure crisis, Crawford penned a blog for The Hill to try and put an end to everyone calling Mnuchin the “foreclosure king” and instead give him the credit he deserves.
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Moody’s reaches $864 million settlement over RMBS credit ratings

Settlement dates back to financial crisis
Moody’s Corp. agreed to pay nearly $864 million to settle claims for its role providing credit ratings for Residential Mortgage-Backed Securities and Collateralized Debt Obligations that contributed to the financial crisis. "Moody’s failed to adhere to its own credit rating standards and fell short on its pledge of transparency in the run-up to the Great Recession," said Principal Deputy Associate Attorney General Bill Baer. 
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Here’s the U.S. Treasury’s advice on how to level the mortgage playing field

Three-part blog series
Right as Washington is about to switch over to a Republican leader after eight years with Pres. Obama at the helm of the nation, the U.S. Treasury communicated its parting thoughts on reforming the housing finance system. Here’s the final piece of a three-part series from the Treasury, this time focusing on an equal playing field for lenders.
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Paulina Gonzalez

Paulina Gonzalez

Paulina Gonzalez is the executive director of the California Reinvestment Coalition, which advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of over 300 nonprofit organizations and public agencies across the State. Follow her on Twitter @calreinvest