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Volume 18 | Issue 101 | Friday, May 24, 2019

The Lede


House Appropriations Subcommittee Approve FY2020 T-HUD Bill

A House Appropriations subcommittee yesterday approved $137 billion in fiscal 2020 funding for HUD and Ginnie Mae that includes key Mortgage Bankers Association-supported provisions for staffing and technology.


Top National News

Fixed Mortgage Rates Continue their Slide, Falling for the Fourth Week in a Row

Washington Post, May 23, 2019--Kathy Orton
Fixed mortgage rates didn't go down much, but they did go down for the fourth week in a row. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.06 percent with an average 0.5 point. (MBA mention)

House Passes Waters' Bill to Reverse Mulvaney's CFPB Changes

National Mortgage Professional, May 23, 2019--Phil Hall
The House voted along party lines 231 to 191 to approve the Consumers First Act, a bill authored by Rep. Maxine Waters, D-Calif., Chair of the House Financial Services Committee, designed to reverse structural changes made to the Consumer Financial Protection Bureau while Mick Mulvaney was the agency's Acting Director.

Senate Finalizes Deal on Disaster Aid Package

Politico, May 23, 2019--Marianne Levine, Burgess Everett
The multi-billion dollar disaster aid bill, which will assist states devastated by wildfires, hurricanes and flooding, comes after months of roadblocks.

Carson Seeks To Clear Up Testimony on Protections for Homeless Transgender People

The Hill, May 23, 2019--Jordan Fabian
Housing and Urban Development Secretary Ben Carson on Thursday sought to clarify his testimony to a House committee about the Trump administration's plans to alter protections for homeless transgender people.

Should Fannie, Freddie Be Labeled 'Systemically Important?'

American Banker, May 23, 2019--Victoria Finkle (subscription)
One of the bigger questions is whether the GSEs should be considered systemically important. Although this is a topic that has largely flown under the radar up to now, it may take on new significance under a Trump-guided Federal Housing Finance Agency.

Government Watchdog Considering Ways to Reduce Federal Costs of Reverse Mortgage Program

HousingWire, May 23, 2019--Jessica Guerin
The Congressional Budget Office released a report Thursday exploring four proposed solutions for lessening the cost and risk of the reverse mortgage program to the federal government. Reverse mortgages are insured by the Federal Housing Administration.

Banker Indicted for Allegedly Giving Loans to Paul Manafort for Help Getting Trump Job

Wall Street Journal, May 23, 2019--Nicole Hong (subscription)
Stephen M. Calk, who ran Federal Savings Bank in Chicago and served as a former campaign adviser to President Trump, was indicted Thursday for allegedly giving $16 million in loans to former Trump campaign chairman Paul Manafort in exchange for Manafort's help in soliciting a high-level position within the Trump administration.

Four Indicted in GSE Multifamily Mortgage Fraud Scheme

National Mortgage News, May 23, 2019--Bonnie Sinnock (subscription)
The 114-count superseding indictment alleges three people associated with real estate investor Morgan Management--CEO Robert Morgan, Project Manager Todd Morgan and Director of Finance Michael Tremiti--along with loan brokerage Aurora Capital Advisors' owner Frank Giacobbe all engaged in a conspiracy to commit wire fraud and bank fraud against Fannie Mae and Freddie Mac.

Fannie, Freddie Appraisal Secrecy Hurts First-Time Buyers

Orange County Register, May 23, 2019--Jeff Lazerson
Consumers pay for home appraisals when taking out a mortgage, but the nation's two biggest mortgage giants keep their database of valuations secret. (MBA mention)

Residential Finance News

MBA Offices Closed Monday

MBA offices will be closed this coming Monday, May 27 in observance of the Memorial Day holiday.

Mortgage Action Alliance Call to Action Urgest Senate Support of Bill Limiting G-Fee Use

The Mortgage Action Alliance--the grassroots advocacy arm of the Mortgage Bankers Association--issued a Call to Action yesterday, urging its members to contact their senators in support of recently introduced legislation prohibiting Congress from using government-sponsored enterprise guaranty fees for unrelated spending.

April New Home Sales Down 7%, But News Not All Bad

New residential home sales fell by nearly 7 percent in April, HUD and the Census Bureau reported yesterday, the first monthly decline in 2019.

Commercial/Multifamily News

'Adverse Selection' Drives Higher Losses for Legacy CMBS

Adverse selection in the commercial mortgage-backed securities 1.0 universe of pre-2009 loans drove loss severities higher last year, reported Fitch Ratings, New York.

Dealmaker: Sonnenblick-Eichner Arranges $27M Bridge Loan for Hawaii Shopping Center

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $27 million to refinance Lahaina Gateway, a 136,500-square-foot community shopping center on Maui, Hawaii.

MBA News

MISMO Spring Summit June 3-7 in Milwaukee; Registration Now Open

Registration is now open for the MISMO Spring Summit, taking place June 3-7 at the Pfister Hotel in Milwaukee.

MAA Quarterly Advocacy Update May 28

The Mortgage Action Alliance Quarterly Advocacy Update takes place Tuesday, May 28 from 2:00-3:00 p.m. ET.

MBA Education Webinar: Technology & CRE Finance--Where Are We & Where Are We Headed? May 29

Join MBA Education for an informative webinar, Technology & CRE Finance: Where Are We & Where Are We Headed?, on Wednesday, May 29 from 2:00-3:30 p.m. ET.

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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