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  • President Trump signs Dodd-Frank rollback into law

    President Donald Trump signed a major Dodd-Frank rollback into law Thursday, hoping to bring regulatory relief to community banks across the U.S. The president explained Dodd-Frank’s costly regulations gave large banks a negative advantage at the cost of small banks throughout the country. Click the headline to read more.

Investments

Jesse Litvak freed: Court overturns mortgage bond trader’s fraud conviction, again

Court of Appeals reverses Litvak’s conviction for second time
The government’s five-year push to see former Jefferies managing director and mortgage-backed securities trader Jesse Litvak jailed for mortgage bond fraud is about to fail again, as the Court of Appeals has again sided with Litvak, overturning a lower court’s conviction and ordering Litvak released from jail.
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The state of the multifamily market in three top 10 lists

New York, Dallas-Fort Worth, and Los Angeles exhibit big-time lending and building activity
The data on Q1 2018 keeps rolling in, and it can be a little overwhelming. Here is a round up of three top 10 lists that sum up what you need to know about the state of the national multifamily market by the numbers.
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Fannie Mae reports comprehensive income of $3.9 billion

Returns just $938 million to Treasury
Fannie Mae reported an increase in its net income in the first quarter of 2018, rising from the loss last quarter that was driven by a remeasurement in the company's deferred tax assets from the recently passed tax reform legislation. Now, it is preparing to pay out $938 million to the Treasury.
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Mnuchin: GSE reform isn’t happening in 2018

But still plans to take Fannie, Freddie out of conservatorship
Back in September, during a Politico Policy Summit in Washington, U.S. Department of the Treasury Secretary Steven Mnuchin said GSE reform would be addressed in 2018. For all of you nay-sayers who said it wouldn’t happen – a new interview with the secretary shows you were probably right.
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Freddie Mac Q1 earnings increase driven by tax reform

Will not make payment to Treasury
While tax reform may have forced the GSE to make a draw from the Treasury during the fourth quarter, this quarter, the tables have changed. Freddie Mac announced the changes to the tax law helped drive its first-quarter growth. But it’s still not making a payment to the Treasury. Here’s why.
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From HW Magazine

How can we revive the private label MBS market?

Unresolved issues defy easy answers
One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.
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Mortgage REIT merger: Two Harbors acquiring CYS Investments

Companies plot expansion into agency RMBS
Nearly two years ago, Two Harbors Investment Corp., a mortgage REIT, shuttered its mortgage securitization business, wherein the company bought jumbo mortgages and securitized them. And now, the company is preparing to expand its agency RMBS business by acquiring CYS Investments, a fellow mortgage REIT that specializes in investing in agency RMBS backed by fixed-rate single-family residential mortgage loans, adjustable-rate mortgages and hybrid ARMs.
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Waterton plans $2.5 billion investment in multifamily housing

Announces closing of $920 million investment fund
Waterton, a national real estate investor and operator, is planning to invest more than $2.5 billion in multifamily housing over the next two years after closing its largest-ever investment fund. According to David Schwartz, Waterton’s chief executive officer, chairman, and co-founder, the firm has big plans for Venture XIII, which is the firm’s largest fund ever.
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Point secures $150 million commitment to buy equity from homeowners

Atalaya Capital Management agrees to buy $150 million in shared equity investments
Point, a financial technology platform that offers homeowners the opportunity take equity out of their home without taking on new debt, is set to grow thanks to a $150 million commitment from Atalaya Capital Management, a private investment firm. Under the agreement, Atalaya and Point entered into a forward flow purchase program wherein the investment firm is committing to buy as much as $150 million of Point’s shared equity instruments.
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