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Volume 18 | Issue 172 | Friday, September 06, 2019

The Lede


Administration Releases GSE Reform Plan

The Trump Administration yesterday released its long-awaited plan on reforming government-sponsored enterprises, offering nearly 50 recommended legislative and regulatory reforms aimed at limiting the federal government's role in the secondary mortgage market.


Top National News

Mortgage Rates Sink to New 3-Year Lows on Weak Manufacturing Data

Washington Post, Sept. 5, 2019--Kathy Orton
After holding steady for a month, mortgage rates plunged to their lowest levels in nearly three years this week. (MBA mention)

Home Equity Borrowing Down Dramatically Since Housing Crash

Orange County Register, Sept. 5, 2019--Jeff Lazerson
The Mortgage Bankers Association relased a study this week showing a dramatic drop in recent home equity activity compared to before the Great Recession.

Cheat Sheet: Trump Administration's Road Map for GSE Overhaul

National Mortgage News, Sept. 5, 2019--Hannah Lang (free article)
The Treasury Department made clear in a much-anticipated report that its ultimate preference is for Congress to take up reform of the government-sponsored enterprises. That legislation would include an explicit government guarantee, and a new Ginnie-provided backstop for guarantors competing on par with Fannie Mae and Freddie Mac.

Trade Uncertainty Likely to Cut U.S. Growth by More Than 1%, Fed Research Says

Wall Street Journal, Sept. 5, 2019--Nick Timiraos (subscription)
Uncertainty over trade policy is likely to reduce U.S. economic output by more than 1% through early 2020, new research from Federal Reserve economists suggests.

Emotional Benefits of Homeownership Outweight Financial Gains: BofA

National Mortgage News, Sept. 5, 2019--Brad Finkelstein (subscription)
Homeownership creates happiness for Americans through an emotional attachment to their property as well as an improved lifestyle, a survey from Bank of America found.

Paul Manafort Seeks Dismissal of New York State Mortgage-Fraud Case

Bloomberg, Sept. 5, 2019--Christian Berthelsen
Paul Manafort, the disgraced former campaign chairman for President Donald Trump, is seeking dismissal of a mortgage-fraud case against him in New York because he was already tried on similar charges in federal court.

Bank Industry Earnings Set Yet Another Record in 2Q: FDIC

American Banker, Sept. 5, 2019--Brendan Pedersen (subscription)
The nation's 5,303 FDIC-insured institutions earned net income of $62.6 billion, an increase of 4.1% from the same time in 2018 and another record $139 billion. The FDIC also attributed higher profits to growth in realized securities gains.

The Problem In The Disparity In Access To Multifamily Capital

Forbes, Sept. 5, 2019--Blake Janover
Although apartment loans are available for many, due to lack of product education, there simply isn't enough adoption in secondary and tertiary markets as folks continue to rely on local banking relationships as their primary source of senior debt for multifamily financing.

Residential Finance News

Dorian Marks Start of ‘Seasonal Risk' for Mortgage-Backed Securities Risk

Slow-moving, powerful Hurricane Dorian has dominated the news for nearly two weeks; now, as it moves off the East Coast and into history, analysts have begun to assess its impact.

Redfin: Bidding Wars Fall to 8-Year Low

Redfin, Seattle, said just 10.4 percent of offers written by its agents on behalf of their home buying customers saw a bidding war in August, down from more than 42 percent a year earlier, to the lowest on record since 2011.

Commercial/Multifamily News

Predicting Retail's Future

The changing retail landscape will create new winners and losers, and retailers and landlords who understand consumer expectations will be more successful, said JLL, Chicago.

Dealmaker: Park Hotels & Resorts Secures $950M for Proposed Chesapeake Acquisition

Park Hotels & Resorts Inc., Tysons, Va., secured a $950 million unsecured delayed-draw term loan to finance its proposed acquisition of Chesapeake Lodging Trust.

MBA News

Keith Urban Highlights Concert MBA at Annual 19

Keith Urban, 2018 Country Music Association and Academy of Country Music Entertainer of the Year and four-time Grammy Award winner, highlights Concert MBA at Annual19, the Mortgage Bankers Association's Annual Convention & Expo, Oct. 27-30 in Austin, Texas.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III, with sessions scheduled for this fall and winter.

MBA Education Foundational Elements of Mortgage Servicing Rights Workshop in San Diego Nov. 19

MBA Education presents Foundational Elements of Mortgage Servicing Rights Workshop, at the Marriott Marquis San Diego Marina on Tuesday, Nov. 19 in conjunction with the MBA Accounting and Financial Management Conference.

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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