Displayed below are news items relevant to the securitization industry. For issue specific news items, please use our issues pages.
On May 15, the House Committee on Financial Services (HFSC) Subcommittee
on Oversight and Investigations held a hearing in Washington, D.C.
entitled, "Who Is Too Big to Fail: Does Title II of the Dodd-Frank Act
Enshrine Taxpayer-Funded Bailouts?"
On May 15, the Securities and Exchange Commission (SEC) announced that
Keith Higgins has been appointed as the new Director of the SEC’s
Division of Corporation Finance, replacing the Division’s current Acting
Director, Lona Nallengara, who has been named the SEC’s Chief of Staff.
On May 15, the Bureau of Consumer Financial Protection (CFPB) published a series of video presentations regarding its new mortgage rules, including the Ability-to-Repay and Qualified Mortgage Rule, 2013 HOEPA rule, ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules, Loan Originator Compensation Rule, Mortgage Servicing Rule, and TILA Escrow Rule.
On May 14, the Federal Reserve Bank of New York released its latest "Household Debt and Credit Report," which found that in the first quarter of 2013, outstanding household debt continued to decline, largely due to reductions in housing-related debt and credit card balances.
On May 14, the Senate Committee on Banking, Housing, and Urban Affairs (SBC) Subcommittee on Securities, Insurance, and Investment held a hearing in Washington, D.C. entitled, "Returning Private Capital to Mortgage Markets: A Fundamental for Housing Finance Reform."
On May 10, Board of Governors of the Federal Reserve System (FRB) Chairman Ben Bernanke delivered a speech in Chicago, IL entitled, "Monitoring the Financial System."
On May 10, the Department of Housing and Urban Development and the Department of the Treasury released the Obama Administration’s April 2013 Housing Scorecard, as well as the Making Home Affordable (MHA) Program’s Home Affordable Modification Program (HAMP) Servicer Performance Report through March 2013.
On May 9, Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco delivered a speech in Chicago, IL entitled, "Housing Finance, Systemic Risk, and Returning Private Capital to the Mortgage Market."
On May 7, Fannie Mae introduced a tool, Servicing Management Default Underwriter (SMDU), to help mortgage servicers work more efficiently and consistently with homeowners to prevent foreclosures.
On May 7, the House Committee on Financial Services (HFSC) passed
bipartisan legislation intended to address various derivatives
provisions of Title VII of the Dodd-Frank Act, promote greater
accountability at the Securities and Exchange Commission (SEC), and help
implement the Jumpstart Our Business Startups (JOBS) Act.
On May 6, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae and Freddie Mac (GSEs) to limit their future mortgage acquisitions to loans that meet the requirements set forth in the Bureau of Consumer Financial Protection’s (CFPB) January 10, 2013 ability-to-repay and “qualified mortgage” (“QM”) rule, or loans that are exempt from these requirements.
On May 3, the U.S. Department of Housing and Urban Development (HUD) announced that for the second time this year it will sell thousands of severely delinquent mortgage loans insured by the Federal Housing Administration (FHA) through the expanded Distressed Asset Stabilization Program.
On May 3, the Bureau of Consumer Financial Protection (CFPB) released
three Small Entity Compliance Guides regarding the Home Ownership and
Equity Protection Act (HOEPA) rule, the Equal Credit Opportunity Act
(ECOA) Valuations rule, and the Truth in Lending Act (TILA)
Higher-Priced Mortgage Loans (HPML) Appraisal rule.
On May 3, the Federal Housing Finance Agency (“FHFA”) released reports prepared by Fannie Mae and Freddie Mac (“GSEs”) analyzing the viability of their multifamily businesses in the absence of a government guarantee.
On May 3, Board of Governors of the Federal Reserve System (FRB)
Governor Daniel Tarullo delivered a speech in Washington, D.C. entitled,
"Evaluating Progress in Regulatory Reforms to Promote Financial
The City Council of North Las Vegas, NV decided on Tuesday to hold
another special meeting in June to consider a proposal submitted by
Mortgage Resolution Partners (“MRP”) to implement a program to use
eminent domain to seize and restructure mortgage loans.
On May 1, the Securities and Exchange Commission (SEC) voted unanimously to propose rules and interpretive guidance for parties with cross-border security-based transactions.
On May 1, President Barack Obama nominated Representative Mel Watt (D-NC) as Director of the Federal Housing Finance Agency (FHFA), the regulator of Fannie and Freddie (GSEs).
On May 1, the Congressional Budget Office (CBO) released a report entitled, “Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness,” regarding the U.S. Department of the Treasury’s principal forgiveness plan to reduce the loan balance for struggling homeowners through the Home Affordable Modification Program (HAMP).
On May 1, House Committee on Financial Services (HFSC) Chairman Jeb Hensarling (R-TX) announced the committee's upcoming hearing schedule, all of which will take place in Washington, D.C.
On April 30, Fannie Mae released loan-level credit performance data for
18 million mortgages the company purchased over the past 13 years,
pursuant to the Federal Housing Finance Agency’s (FHFA) 2013
The Financial Stability Oversight Council (FSOC) has released its 2013 Annual Report, which, among other things, discusses the need to reform the housing finance system in order to encourage the return of private capital to the market, through expediting the wind-down of Freddie Mac and Fannie Mae (GSEs), improving borrower and investor protections, and developing a new housing finance infrastructure, possibly through the Federal Housing Finance Agency’s (FHFA) plan for a new common securitization platform that will function as an independent utility.
The Board of Governors of the Federal Reserve System (FRB) has released the March "Summary of Commentary on Current Economic Conditions by Federal Reserve District," commonly known as the Beige Book.The Board of Governors of the Federal Reserve System (FRB) has released the March "Summary of Commentary on Current Economic Conditions by Federal Reserve District," commonly known as the Beige Book.
On April 25, Representative Blaine Luetkemeyer (R-MO) introduced H.R. 1750, the "Community Lending Enhancement and Regulatory Relief Act," which would allow community banks to raise capital more easily, increase the debt-to-equity ratio, and exempt community banks from mortgage escrow requirements and qualified mortgage rules.
On April 25, the Obama administration filed a petition with the Supreme Court challenging a recent U.S. Court of Appeals ruling that President Obama’s recess appointments to the National Labor Relations Board (NLRB) in January 2012 were unconstitutional.