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Volume 16 | Issue 82 | Monday, May 01, 2017

The Lede


MBA Advocacy Update

On Friday, President Trump announced he intends to nominate Pam Patenaude to be Deputy Secretary of HUD. And Congress moved closer to finalizing an omnibus appropriations bill--more than seven months into the current fiscal year.


Top National News

MBA Secondary panel: Yes, GSE Reform Can Really Work This Time Around

HousingWire, Apr. 30, 2017--Sarah Wheeler
The economic and political stars have aligned to make GSE reform a real possibility, and the Mortgage Bankers Association is not letting the opportunity go to waste.

Pam Patenaude Named Deputy HUD Secretary

National Mortgage Professional, Apr. 28, 2017--Phil Hall
Patenaude is president of the J. Ronald Terwilliger Foundation for America's Families. The Mortgage Bankers Association issued a statement in support.

Laws to Fast-Track Vacant Home Foreclosures Slowly Gaining Traction

National Mortgage News, Apr. 28, 2017--Bonnie Sinnock (subscription)
Years after the worst of the housing crisis, states still dealing with high foreclosure activity are weighing laws to speed the process on vacant or abandoned properties.

12 Cities Still Grappling with High Foreclosures

National Mortgage News, Apr. 28, 2017--Brad Finkelstein (subscription)
National foreclosure activity is at an 11-year low. There were more than 83,000 foreclosure filings nationwide in March, down 77% from a record 367,000 in September 2010. But some cities have yet to fully recover.

Why Servicing Still Hasn't Recovered from the Foreclosure Crisis

National Mortgage News, Apr. 28, 2017--Bonnie Sinnock (subscription)
Foreclosure activity continues to subside and most of the regulatory reforms created to protect distressed borrowers have been implemented. Yet mortgage servicers still haven't fully resolved the operational challenges facing their business.

Alas, the Mortgage Interest Deduction Cannot be Pried Away

Washington Post Writers Group, Apr. 30, 2017--George Will
The deductibility of mortgage interest payments, by which the government will forgo collecting nearly $1 trillion in the next decade, is treated as a categorical imperative graven on the heart of humanity by the finger of God because it is a pleasure enjoyed primarily by the wealthy.

Property Insurers Hit By Worst First Quarter in 20 Years

Wall Street Journal, Apr. 30, 2017--Leslie Scism (subscription)
Hail, tornadoes and an ice storm turned the first three months of 2017 into the most expensive first quarter in more than 20 years for U.S. insurers.

Wells' Borrowing Boost Sparks Concentration Fears for Home Loan Banks

National Mortgage News, Apr. 28, 2017--Brian Collins (subscription)
Wells Fargo Bank has dramatically increased its borrowings from the Federal Home Loan Bank of Des Moines, more than doubling the San Francisco institution's level of advances and accounting for the majority share of borrowings at the government-sponsored enterprise.

Ellie Mae Revenue Jumps 25% in First Quarter 2017

HousingWire, Apr. 28, 2017--Brena Swanson
Ellie Mae powered through industry declines in mortgage volumes and recorded a strong boost in revenue for the first quarter.

Parents: Tired of Being Landlords? Buy Your Kids a House

UExpress, Apr. 28, 2017--Lew Sichelman
Parents who would like to see their adult children leave the nest are increasingly buying their offspring their own places.

New Yorkers Flock to Booming Sun Belt as Trek South Resumes

Bloomberg, Apr. 28, 2017--Steve Matthews
Nearly 600,000 Americans moved from the Midwest and Northeast to the Sun Belt states last year, the most since 2005, according to the Brookings Institution.

U.S. First-Quarter Growth Weakest in Three Years as Consumer Spending Falters

Reuters, Apr. 28, 2017--Lucia Mutikani
Gross domestic product increased at a 0.7 percent annual rate also as the government cut back on defense spending, the Commerce Department said on Friday. That was the weakest performance since the first quarter of 2014.

Residential Finance News

MBA Supports Pantenaude Nomination as HUD Deputy Secretary

The Trump Administration on Friday nominated Pamela Hughes Pantenaude as Deputy Secretary of Housing and Urban Development.

MBA Chart of the Week: U.S. Top Corporate & Income Tax Rates over Time

President Trump last week announced the broad outline of his tax plan. Our chart this week puts the top tax rate for both corporations and individuals in historic perspective.

The Week Ahead

NEW YORK--MBA NewsLink comes to you this week from the MBA National Secondary Market Conference & Expo here at the Marriott Marquis in Times Square.

Commercial/Multifamily News

Single-Tenant Net Lease Cap Rates Back to 'Familiar Place'

Recent interest rate increases had little effect on single-tenant property cap rates, said NNNet Advisors, San Francisco.

Dealmaker: LaSalle Hotel Properties Sells Two Properties for $205M

LaSalle Hotel Properties, Bethesda, Md., sold two hotel assets in Virginia and Washington for $204.6 million.

MBA News

MBA Legal Issues/Regulatory Compliance Conference May 7-10

The Mortgage Bankers Association's Legal Issues and Regulatory Compliance Conference takes place May 7-10 in Miami.

MBA Education De-Mystifying Secondary Marketing Webinar Part I May 8

MBA Education presents Part I of a two-part webinar series, De-Mystifying Secondary Marketing, on Monday, May 8 from 2:00-3:30 p.m. ET.

MBA Education Appraisal Webinar Series Kicks Off Today

MBA Education and the Appraisal Institute present the first in a four-part webinar series on Appraisals today, May 1.

MBA Education School of Mortgage Servicing July 17-27

MBA Education presents its popular School of Mortgage Servicing instructor-guided online course July 17-27.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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