Secondary

A new report suggests that the credit quality of residential mortgage-backed securities will continue to improve in 2015.

In a speech last May, Edward DeMarco declared these truths to be self-evident: "Restoring Fannie Mae and Freddie Mac is not the solution. They failed and their business model failed. Going backwards to an obviously failed model cannot be dressed up with some promise of higher capital or explicit rather than implicit guarantees."

The amount of commercial and multifamily mortgage debt outstanding rose to a record high in the third quarter, according to the Mortgage Bankers Association.

Nicholas Schorsch, American Realty Capital Properties Inc.'s former executive chairman, is walking away from a compensation package valued at about $100 million, company filings show.

If the Securities and Exchange Commission bans Standard & Poor's from rating commercial mortgage-backed securities, as it is reportedly planning to, bonds backed by a single, large asset would be hit disproportionately, according to JPMorgan.

New-home construction exceeded a 1 million annualized pace in November for a third consecutive month, continuing a slow recovery in the housing market.

Marketplace lender Social Finance may pursue a larger initial public offering than expected, CEO Mike Cagney said. Progress in its mortgage business and a new lending app will be pivotal to the company's future, he said.

The private equity firm Aquiline Capital Partners has reached an agreement to become the majority investor in LenderLive Network.

Confidence among homebuilders hovered in December close to a nine-year high, indicating the residential real estate recovery continues to make progress.

The third and final part of this series tells how to establish a business model acceptable to the CFPB.