Organization Root Tag

Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.

Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.

Nonbank mortgage-backed securities servicers increase their exposure to agency loans as the housing market distances itself from last decade's crash, according to Fitch Ratings.

It's the Canadian bank's second deal of the year aimed at U.S. investors and adds to what has been a slow pace of credit card issuance this year. Two subordinate Canadian dollar tranches will be retained.

The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae and Freddie Mac.

The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.

The nominee to run the consumer bureau endured tough questioning over the administration’s family-separation policy but appeared to weather the barrage.

Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.

With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.

A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.

Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.

The private equity firm recently obtained a $415 million first mortgage from Barclays and Morgan Stanley; proceeds, along with $125 million of mezzanine loans, will be used to repay existing debt of $512 million that was securitized in two prior deals.

The collateral includes both QM and non-QM loans; however, certain loans are designated as QM even though the borrower’s DTI may be above 43%, due to a temporary exemption for GSE-eligible loans.

Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.

In the U.S., the 12-month trailing default rate fell to 3.4% in June from 4% in March, while in Europe it declined to 2.2% from 2.8% over the quarter. Globally, defaults stood at 2.9%, down from 3.4% in the first quarter.

The New York State Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.

Frameworks have largely improved since the financial crisis, but there remains a lack of consistency and some recurring weaknesses that are keeping some traditional U.S. RMBS investors on the sidelines.

A Fannie Mae test to handle the private mortgage insurance process for lenders may raise concerns that it's going outside the scope of its secondary market mission. But the effort reflects its mandate to explore new credit-risk transfer alternatives, a company executive said.

A more conservative court will be likelier to rule favorably on issues ranging from the deference for regulatory agencies to what constitutes a fair-lending violation.

Once again, congressional inaction on reauthorizing the National Flood Insurance Program is prompting concerns about what a lapse in coverage could mean for loan closings.