One analyst, Farukh Farooqi of Marquis Research, told IMFnews that Ocwen’s board should consider dumping CEO Ron Faris. “I mean where does the buck stop?” Farooqi said.
Conversations with Capitol Hill insiders, industry lobbyists and trade group representatives suggest the CFPB is going to face a double-barreled threat from a Republican-controlled U.S. Senate and House of Representatives in the 114th Congress that convenes in January. On the one hand, the GOP is expected to be aggressive in holding numerous oversight hearings on a number of issues having to do with the CFPB. On the other hand, Republicans also are likely to push multiple pieces of legislation relating to the bureau and its rulemaking. A number of tweaks, revisions and technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act are expected as well. Elaborating on the legislative front, Joe Pigg, vice president and senior counsel ...
Many mortgage lenders are going to feel they are “damned if they do, damned if they don’t,” when they learn about the fair lending pitfalls inadvertently lurking in the weeds of compliance with the CFPB’s Truth in Lending Act and Real Estate Settlement Procedures Act integrated disclosure rule and the forthcoming Home Mortgage Disclosure Act rule. “Looking ahead to next year and beyond, the TILA-RESPA integrated disclosure rule could bring additional new risk,” said Colgate Selden, counsel with the Alston & Bird law firm, during a recent webinar on fair lending risk sponsored by Inside Mortgage Finance, an affiliated newsletter. “Some of these are old risks that may have gone away, but are back in some ways,” Selden told attendees. ...
The outstanding supply of agency single-family MBS continued to grow at a subdued pace during the third quarter of 2014, and the biggest investor classes did most of the heavy lifting funding the market, according to a new Inside MBS & ABS analysis. On the supply side, there were $5.632 trillion of single-family MBS guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae outstanding at the end of September. That was up just 0.4 percent from the previous quarter but had enough growth rings to show a 1.2 percent gain from a year ago. As has been the case for the past few years, the Ginnie MBS market grew...[Includes two data chart]
The increase in the number of mortgage loan originators with state licenses was attributed to increased access to warehouse credit and less exposure to regulation than big banks.
Defying the expectations of most industry analysts, investors have bid up the price of agency MBS over the past two weeks, pushing values into nosebleed territory. According to figures compiled by MBS Quoteline, the price of the Fannie Mae 3.50 percent bond recently reached 104.4. “This week and last week we saw new highs,” said Joe Farr, director of sales and marketing for the company. And that has made...
Wall Street analysts are generally projecting a year of stability for most asset classes in the consumer ABS space for 2015, despite a few more losses and an anticipated increase in interest rates. The one exception might be subprime auto. Analysts at Standard & Poor’s Ratings Services cited a favorable overall environment characterized by a strengthening economy, healthy consumer credit fundamentals, and robust structural protections in ABS transactions. “We expect...