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Volume 18 | Issue 124 | Thursday, June 27, 2019

The Lede


MBA Urges Long-Term Extension of TRIA

Although the Terrorism Risk Insurance Act--which provides a valuable federal backstop to insurance claims involving terrorism acts--is not set to expire until December 2020, the Senate Banking Committee is bringing up its reauthorization well ahead of time, an action the Mortgage Bankers Association welcomes.


Top National News

Weekly Mortgage Rates Fall Further, But Only Refinance Applications Rise

CNBC, June 26, 2019--Diana Olick
Total mortgage application volume increased 1.3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Real Estate Industry Applauds President Trump's New Housing Affordability Executive Order

World Property Journal, June 26, 2019--Michael Gerrity
The real estate industry is giving President Trump good reviews for signing the Housing Affordability Executive Order this week. Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, released a statement on President Trump's Executive Order on Housing Affordability.

Bill Eliminating VA Loan Cap Signed Into Law

HousingWire, June 26, 2019--Jessica Guerin
The Blue Water Navy Vietnam Veterans Act allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any down payment.

Cerberus Sold the First Post-Crisis Mortgage Bond Backed by Home Equity Lines

Bloomberg, June 26, 2019--Adam Tempkin
Cerberus Capital Management has sold a kind of mortgage bond that hasn't been seen since the financial crisis. Not many financial companies are seen following in its footsteps.

New Report Envisions Post-Conservatorship Housing Policy Landscape

National Mortgage Professional, June 26, 2019--Phil Hall
In the newly-published "GSE Reform: Unfinished Business," the conclusion is presented that there is bipartisan agreement on framing the post-conservatorship era in a manner that protects taxpayers while attracting private capital-and the report adds that the White House can take unilateral steps to achieve those goals.

Do Lending Algorithms Discriminate? Congress Seek Answers

National Mortgage News, June 26, 2019--Neil Haggerty (subscription)
After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better.

Trump Says Fed Should Have Draghi as Fed Chief Instead of Powell

American Banker, June 26, 2019 (subscription)
President Trump said the U.S. should have Mario Draghi, president of the European Central Bank, at the helm of its monetary policy--"instead of our Fed person"--and reiterated that he has the right to demote or fire Federal Reserve Chairman Jerome Powell.

Manafort Set to be Arraigned on Mortgage Fraud Charges

Associated Press, June 27, 2019--Michael R. Sisak, Tom Hays
The 16-count New York indictment alleges Paul Manafort gave false and misleading information in applying for residential mortgage loans, starting in 2015 and continuing until three days before President Trump's inauguration in 2017. He is also charged with falsifying business records and conspiracy.

Residential Finance News

Joint Center: U.S. Housing Supply Falls 'Far Short' of Needs

The Harvard Joint Center for Housing Studies, Cambridge, Mass., released its 2019 State of the Nation's Housing report this week, noting while household formation in the U.S. has "finally" returned to a more normal pace, housing production has not.

Nationwide Economics: Outlook for U.S. Housing Market at 3-Year High

At least one economic forecast sees a more positive, sustainable trend for the U.S. housing sector for at least the next year.

Commercial/Multifamily News

Office Investment Back on Track After Challenging Early 2019

Real Capital Markets, Carlsbad, Calif., said office investment is "back on track," buoyed by significant sources of capital for deal-making following some political and economic uncertainty over the past year.

Dealmaker: M&T Realty Capital Corp. Provides $20M for Multifamily

M&T Realty Capital Corp., Baltimore, provided $20 million in acquisition financing for multifamily properties in Virginia and Missouri.

MBA News

Terry McAuliffe, Chris Christie, Margaret Brennan Keynote MBA Annual19 General Session

It's only summer, but the Mortgage Bankers Association's Annual Convention (Oct. 27-30 in Austin, Texas) is already heating up, with former Virginia Gov. Terry McAuliffe, former New Jersey Gov. Chris Christie and CBS News' Fact the Nation host Margaret Brennan keynoting the Politics Today General Session on Tuesday, Oct. 29.

MBA Education, California MBA Present Fundamentals of Residential Lending & the Secondary Market in San Francisco July 15

MBA Education and the California Mortgage Bankers Association present a special one-day workshop, Fundamentals of Residential Lending and the Secondary Market, on Monday, July 15 at the Westin St. Francis Hotel in San Francisco in conjunction with the California MBA Western Secondary Market Conference.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

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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