It is likely that the federal government will extend the Terrorism Risk Insurance Act for only one year, according to Lisa Pendergast, managing director for CMBS strategy at RBS Greenwich Capital, Greenwich, Conn.Speaking at a media gathering organized by the firm in New York City, Ms. Pendergast said the government expects the industry to figure out some kind of private insurance market, for which there are models in some countries such as the United Kingdom. She said she expects two major rating agencies, Moody's Investors Service and Fitch Ratings, to be slower to downgrade bonds this time around for a lack of terrorism insurance. "A one-year extension does not buy a lot of time," Ms. Pendergast noted. Another current issue she cited is "froth in underwriting" of commercial mortgage loans. This is seen in the form of highly leveraged loans, higher interest-only use, and fewer structural protections for commercial mortgage-backed securities deals.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25