Article Archive for June 2011
By Ryan Schuette | 06/23/2011
In a statement released Monday, banking giant PNC Financial Services Group revealed that it had acquired troubled Canadian firm RBC Bank for $3.45 billion in cash and stock, absorbing $25 billion in assets and re-branding over 400 branches across the southern United States. According to Bloomberg News, PNC anticipates $322 million in merger-related expenses, coupled with the addition of $19 billion in deposits and $16 in loans. Additionally, PNC expects to whittle down nearly $230 million, or 27 percent, of non-interest expenses for the bank after implementing administrative and operational changes.
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By Ryan Schuette | 06/23/2011
Seeking to dispel controversy surrounding recent rule-making efforts, Consumer Financial Protection Bureau nominee and Treasury Department adviser Elizabeth Warren attended a virtual press conference on Thursday to invite public commentary and uphold the agency's claim to sweeping powers under the Dodd-Frank Act. Warren briefly touched on the proposed definition for so-called “larger participants,” citing nonbank mortgage companies, payday lenders, and private student lenders as subjects that would fall under the rule.
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By Ryan Schuette | 06/23/2011
Members of Congress linked arms with a broad coalition of community and professional associations to call for the reversal of a key provision in the Dodd-Frank Act, which critics charge will upend recovery in the housing markets, close the door on new homebuyers, and force borrowers to shoulder higher costs. The lawmakers and industry groups showed up in force at a press conference organized by the Coalition for Sensible Housing Policy, which plans to submit a white paper to authorities as official commentary.
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By Ryan Schuette | 06/23/2011
With total U.S. debt soaring past $14 billion in May and negotiations over a controversial ceiling raise splintering at the highest levels, analysts worry that the Federal Housing Administration may shut down if the federal government defaults on August 2 -- a crisis scenario that would wreak havoc in housing markets, tightening the credit supply and spoiling a recovery. Analysts suggest that a default by the government would unfairly and adversely impact minority homeowners.
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By Ryan Schuette | 06/23/2011
The U.S. Census Bureau and HUD released data indicating southerly drifts for sales of new homes, revealing a 2.1 percent drop beneath the April rate of 326,000, 13.5 percent above the 281,000 estimates from May 2010.
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By Ryan Schuette | 06/22/2011
Concerned by the risk that new regulatory infrastructure may duplicate existing financial rules, the U.S. Chamber of Commerce sent a letter to the Treasury Department and Federal Trade Commission on Monday outlining recommendations to minimize overlap between the former and the Consumer Financial Protection Bureau. Addressing Treasury Secretary Timothy Geithner and FTC Chairman Jon Leibowitz, the letter called for a Memorandum of Understanding in order to clarify and empower the FTC and CFPB.
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By Ryan Schuette | 06/22/2011
Under a new agreement between American Bankers Association subsidiary Business Solutions and Mortgagebot, banks signed up with the former will have the ability to access solutions for their online mortgage applications.
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By Ryan Schuette | 06/22/2011
On Tuesday the nonprofit data subsidiary of the Mortgage Bankers Association (MBA), MISMO, announced the appointment of senior executive Gabe Minton to a seat on its six-member board of directors.
Gabe will provide excellent leadership for MISMO as it drives the development of technology standards for both the residential and commercial real estate finance industries, Michael D.
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By Ryan Schuette | 06/22/2011
On Tuesday the Federal Housing Finance Agency reported a slight 0.8 percent rise in home prices from March to April, representing a positive note in a brittle housing market.
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By Ryan Schuette | 06/21/2011
On Monday, leading mortgage servicer Stonegate Mortgage Corp. announced that it hired Matthew Locke to head up its retail lending services division as SVP. Stonegate has grown year over year the past three years, for one reason: its ability to identify opportunities and hire the right people to deliver, Dan Bettenburg, Stonegate’s president and CEO, said in a statement.
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By Ryan Schuette | 06/21/2011
The Federal Housing Finance Agency released research on this week indicating a greater-than-expected drive to high conforming jumbo mortgages (HCJMs) by Fannie Mae and Freddie Mac, raising questions about the long-term impact their buying spree may have on private markets. According to the research, the government-sponsored enterprises walked away this year with approximately 55 percent of HCJMs in 10 of the nation's high-cost counties, a number totaling approximately 50,000 mortgages worth over $30 billion.
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By Ryan Schuette | 06/21/2011
Adding to an innovative new remediation platform it launched in May, the National Association of Field Mortgage Services announced key additions that propose to enhance the speed and ease in field services.
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By Ryan Schuette | 06/21/2011
Despite gridlock in the confirmation process for its embattled nominee, news reports put the Consumer Financial Protection Bureau on schedule to launch formal operations and ready to begin policing Wall Street in July, with or without the director that Senate Republicans vow to obstruct. With its management team and staff already in place, a broad array of powers sanctioned by the Dodd-Frank Act will empower the consumer protection bureau to issue new rules for over 100 banks with more than $10 billion in assets.
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By Ryan Schuette | 06/21/2011
Spooked by speculation that the federal government may withhold bailout funds from banks deemed too big to fail in another crisis, Moody's Investors Service placed the debt ratings for three leading banking institutions under review in June, according to NASDAQ.com. The ratings agency said that the reviews will assess deposit, senior debt, and senior subordinated debt ratings. If lowered, the new ratings would downgrade the banks' reputation as financially solvent institutions, diminishing their abilities to borrow large sums and meet bottom lines.
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By Ryan Schuette | 06/20/2011
Firing another salvo at the new Dodd-Frank regulatory regime, House Republicans submitted an appropriations bill last week that proposes slashing $350 million from the Consumer Financial Protection Bureau's budget for 2012. Released by the House Committee on Appropriations, the bill offers to cap funding for the CFPB at $200 million, keeping to a minimum the sweeping powers that Dodd-Frank invested in the new regulatory agency. Provisions also threatened to kneecap the Obama administration's 2011 fiscal year budget.
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By Ryan Schuette | 06/20/2011
In a statement released Thursday, Transwestern announced the appointment of Sunjay Arya as transaction manager at its Houston headquarters.
We are excited about the growth of our multifamily team, both locally and nationally, said Ed Cummins, SVP of multifamily services.
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By Abby Gregory | 06/17/2011
Tech leaders a la mode and CoreLogic are teaming up. CoreLogic’s ValuEdge platform will now connect with a la mode’s Mercury Network to facilitate ValuEdge's Native XML appraisal data. CoreLogic's ValuEdge software targets streamlined appraisal process compliance, and the integrated plugin with a la mode will provide CoreLogic with additional quality control elements and advanced bundling for all reports.
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By Ryan Schuette | 06/17/2011
Recent analysis by the Mortgage Bankers Association revealed that commercial and multifamily mortgage debt remained relatively fixed in the first quarter of 2011, down by only 0.1 percent from the fourth quarter.
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By Abby Gregory | 06/17/2011
May housing numbers are in for the state of California and numbers look grim. The survey, conducted by the California Assoc. of Realtors, credits the struggling economy and stringent lending standards for the decline.
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By Abby Gregory | 06/17/2011
Astoria Financial Corporation has a new CEO with its recent promotion of Monte N. Redman. Redman will now head both the company and its lending and banking arm, Astoria Federal Savings and Loan Association. Formerly the president and chief operating officer for Astoria, Redman has been with the organization for more than 34 years, and he is succeeding George L.
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