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UNOFFICIAL END? Benjamin Lawsky, superintendent of New York's Department of Financial Services, has not made a formal decision on Wells Fargo's sale of mortgage-servicing rights to Ocwen, but observers said his latest crackdown on Ocwen could spell doom for the deal.
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
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New products by Fannie Mae will be “competitively priced,” including against FHA, said Timothy Mayopoulos, the CEO of the government-sponsored enterprise.
The recent drop in interest rates has opened the door for lenders to refinance borrowers with high-cost Federal Housing Administration loans into conventional Fannie Mae and Freddie Mac loans.
But the payoff for the agency is that it increases the availability of credit for consumers.
BLINDSIDED:
Mortgage lenders are threatening to halt lending on condominiums in Nevada after the state Supreme Court upheld a law allowing homeowners associations to foreclose ahead of first mortgage holders.
Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations like redlining and how mortgages are priced and serviced remain top priorities for the future.
There's no longer much leeway in how to handle mods, especially in a transfer, Wingspan's Robert Shiller said.
Heightened regulatory oversight of servicing rights transfers means servicers must clamp down on processes while investors take stock of their own procedures.
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