Items Tagged with 'John Reich'

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  • GSEs Extend Moratorium; Another Bank Follows Suit

    The government-sponsored entities Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] both announced late Friday they had extended the foreclosure and eviction suspension already in place through March 6. The moratoriums in place at the GSEs were first announced in November to allow time for the streamlined modification program to go into effect in mid-December. Then the GSEs extended the moratorium in early January and Fannie introduced an REO rental policy for tenants living in foreclosed properties. Then on Jan.
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  • OCC, OTS to Study 'Sustainability' of Modifications

    The March edition of the Mortgage Metrics Report, published jointly by the Office of the Comptroller of Currency and the Office of Thrift Supervision, will include new information that looks into the "affordability and sustainability" of loan modifications, the agencies announced Friday.
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  • OTS Chairman Steps Down

    John Reich, Director of the Office of Thrift Supervision, on Thursday announced his resignation from the agency. Reich and Obama administration officials may have been at odds over whether the government should take part in mortgage workouts to help troubled homeowners, according to a Market Watch report.
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  • Frank and OTS Urge Foreclosure Moratoriums

    A key member of Congress and one federal regulator Wednesday urged financial institutions to enact foreclosure moratoriums, until lawmakers hash out the details of a "comprehensive" plan to address the housing crisis, which is currently in the works. "I would ask all of you now to please make sure that we have a moratorium in effect," Frank said at a hearing before the Senate Budget Committee Wednesday, where the CEOs of eight major banks were drilled as to their usage of government aid.
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  • WaMu Becomes Largest Bank Failure in History

    As lawmakers struggle to nail down the details of a historic bailout proposal, troubled thrift Washington Mutual [stock WM][/stock] was closed by regulators on Thursday night, the victim of a huge bet on mortgages gone south. The Federal Deposit Insurance Corporation seized the failed bank and sold the company's banking assets to JP Morgan Chase & Co. [stock JPM][/stock] for just $1.9 billion; the sales price is stunning, given WaMu's combined assets of $307 billion and total deposits of $188 billion.
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  • Schumer: IndyMac's Troubles Don't Extend to Regional Banks

    In the wake of the troubles now facing Indymac Bancorp Inc. [stock IMB][/stock], Senator Charles Schumer (D-NY) came out Tuesday suggesting that the bank's troubles "were not replicated by other regional banks." "Neither depositors nor investors should read IndyMac’s unique troubles as an omen for other institutions," he said in a statement released by his office early Tuesday afternoon, clearly looking to assuage investor concern and perhaps looking to take a conciliatory tack with frustrated banking regulators.
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  • Thrifts See Origination Volume Plummet in Q1

    Total mortgage origination activity among the nation's thrifts fell by 20 percent during the first quarter while troubled assets continued their rapid ascent, the Office of Thrift Supervision said Tuesday afternoon. Mortgage originations, including multifamily and nonresidential mortgages, were $133.7 billion in the first quarter, down 21 percent from $169.2 billion in the first quarter a year ago and down 20 percent from $166.6 billion in the prior quarter.
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  • OTS: Federal Oversight Needed for Mortgage Banks

    In prepared remarks delivered to the Exchequer Club earlier this week, Office of Thrift Superivision Director John Reich suggested that federal regulators be allowed by Congress to expand their authority to include oversight of mortgage banks. Many Wall Street investment banks currently operate outside of the regulatory authority of the OTS and other federal regulators, something Reich said creates "an unlevel playing field." From his remarks:
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