Government policies and the subprime mortgage crisis

HarborOne Bank Earns Highest Possible Rating for Community Service, Lending, Investment

Retrieved on: 
Tuesday, August 3, 2021

HarborOne Bancorp, Inc. (the Company) (NASDAQ: HONE), the holding company of HarborOne Bank, today announced that for the second consecutive Community Investment Act (CRA) review, HarborOne Bank has earned an Outstanding rating by the Federal Deposit Insurance Corporation (FDIC).

Key Points: 
  • HarborOne Bancorp, Inc. (the Company) (NASDAQ: HONE), the holding company of HarborOne Bank, today announced that for the second consecutive Community Investment Act (CRA) review, HarborOne Bank has earned an Outstanding rating by the Federal Deposit Insurance Corporation (FDIC).
  • The Outstanding rating for the bank is a testament to the men and women who work for HarborOne and year after year put their customers, and their community, first, said James Blake, CEO of HarborOne.
  • According to the FDIC data, less than 10 percent of all banks nationally receive an Outstanding CRA rating, and even fewer receive Outstanding ratings on all three components (Community Service, Lending, and Investment) of the Community Reinvestment Act review.
  • The CRA evaluation also praised HarborOne for community development loans spurring affordable housing construction, small business loans that drove job creation, and the banks leadership in financial education and community outreach.

Freddie Mac Prices $232 Million in Multifamily Structured Credit Risk Notes

Retrieved on: 
Friday, July 23, 2021

The loans adhere to Freddie Mac's multifamily underwriting, internal fraud prevention and quality control standards.

Key Points: 
  • The loans adhere to Freddie Mac's multifamily underwriting, internal fraud prevention and quality control standards.
  • This announcement is not an offer to sell any Freddie Mac securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Subprime Auto ABS Thriving, But Regulatory Uncertainty Looms

Retrieved on: 
Thursday, June 17, 2021

Subprime auto market participants are expecting some deterioration in 2021 as concerns shift from the economic uncertainty brought about by the pandemic, to regulatory uncertainty ushered in with the new presidential administration.

Key Points: 
  • Subprime auto market participants are expecting some deterioration in 2021 as concerns shift from the economic uncertainty brought about by the pandemic, to regulatory uncertainty ushered in with the new presidential administration.
  • Participants see potential regulatory enforcement or new regulations as potentially dampening enthusiasm for new originations and ABS issuances.
  • A majority of investors expect the pandemic to have a lasting negative effect on their participation in subprime auto securitizations.
  • The Subprime Auto Loan Risk Chronometer, which closely tracks market risks, is a key feature of the site.

Fannie Mae Launches 'Your Own Story,' Provides Important Facts and Information for Future Homeowners

Retrieved on: 
Thursday, June 3, 2021

In honor of National Homeownership Month, these resources provide consumers the necessary tools to take the first steps in the homebuying process.

Key Points: 
  • In honor of National Homeownership Month, these resources provide consumers the necessary tools to take the first steps in the homebuying process.
  • "Homebuyer education is at the heart of Fannie Mae's mission and that's why we created Your Own Story, an interactive resource for future homebuyers to help them achieve sustainable homeownership," said Katrina Jones, Vice President of Racial Equity Strategy & Impact, Fannie Mae.
  • Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America.
  • We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk.

River City Bank announces expanded lending footprint with promotion of Dan Franklin to Director of Commercial Real Estate

Retrieved on: 
Thursday, May 13, 2021

In this new role, he will continue to drive expansion into new markets with commercial real estate lending that reflects our unique service-oriented approach and customized lending practices.

Key Points: 
  • In this new role, he will continue to drive expansion into new markets with commercial real estate lending that reflects our unique service-oriented approach and customized lending practices.
  • "\nTWEET THIS: #BreakingNews: @RiverCityBank announces expansion into various new markets including Texas, Colorado, Washington, Utah and Arizona; promotes Dan Franklin to Director of Commercial Real Estate, building on success and growth in Sacramento and the Bay Area.
  • #CRE #businessbanking\n"I am excited to take our highly successful lending practices, which are proven in California, and expand our reach into markets that are seeing renewed interest and growth in the commercial real estate space," said Dan Franklin, Director of Commercial Real Estate at River City Bank.
  • River City Bank offers a comprehensive suite of banking services, including loans, deposits and cash management tools to the business, consumer and commercial real estate sectors.

Consumer Confidence in Housing Falls Again as COVID-19 Pandemic Surges

Retrieved on: 
Thursday, January 7, 2021

To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here .

Key Points: 
  • To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here .
  • Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans.
  • We partner with lenders to create housing opportunities for families across the country.
  • We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk.

Fannie Mae Launches First Reperforming Loan Sale of 2020

Retrieved on: 
Thursday, February 13, 2020

WASHINGTON, Feb. 13, 2020 /PRNewswire/ --Fannie Mae (OTCQB: FNMA) today began marketing its fifteenth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.

Key Points: 
  • WASHINGTON, Feb. 13, 2020 /PRNewswire/ --Fannie Mae (OTCQB: FNMA) today began marketing its fifteenth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.
  • This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc.
  • The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale.
  • Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.

MAXEX Reaches $5B in Lock Trading Volume

Retrieved on: 
Monday, February 3, 2020

MAXEX, the first digital mortgage exchange to enable financial institutions to buy and sell residential loans through a single clearinghouse, has exceeded $5 billion in lock trading volume as of December 31, 2019.

Key Points: 
  • MAXEX, the first digital mortgage exchange to enable financial institutions to buy and sell residential loans through a single clearinghouse, has exceeded $5 billion in lock trading volume as of December 31, 2019.
  • MAXEX was launched in 2016 via a commercial partnership with J.P. Morgan to simplify the complex process of trading residential loans in the $10+ trillion secondary mortgage market.
  • Trading volume more than doubled in the second half of 2019 as compared to the first half of the year.
  • One contract: All MAXEX buyers and sellers have agreed to a single, standardized trading agreement.

CMG Financial Now Offers Freddie Mac BorrowSmart Program

Retrieved on: 
Tuesday, November 12, 2019

With the Freddie Mac BorrowSmartprogram, CMG Financial aims to make buying a home more affordable for home buyers and to offer solutions to common challenges to those looking to purchase.Saving for a down payment is one of the biggest obstacles facing today's first-time home buyers.On top of the down payment, closing costs make the home purchase even more expensive.The Freddie Mac BorrowSmart program helps to decrease those costs and make homeownership more accessible.To learn more and see if you qualify, visit https://borrowsmart.cmgfi.com

Key Points: 
  • With the Freddie Mac BorrowSmartprogram, CMG Financial aims to make buying a home more affordable for home buyers and to offer solutions to common challenges to those looking to purchase.Saving for a down payment is one of the biggest obstacles facing today's first-time home buyers.On top of the down payment, closing costs make the home purchase even more expensive.The Freddie Mac BorrowSmart program helps to decrease those costs and make homeownership more accessible.To learn more and see if you qualify, visit https://borrowsmart.cmgfi.com
    "At CMG Financial, we are committed to facilitating homeownership through financing solutions," said Christopher M. George, President and CEO at CMG Financial.
  • The Freddie Mac BorrowSmart program is only available with specific conventional conforming mortgage loans; some with down payment options as low as 3%.This offering is only eligible for primary residences and pre-purchase home buyer counseling is required.
  • CMG Financial currently operates in all states, including the District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC.
  • Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.

Fannie Mae Announces Fourteenth Sale of Reperforming Loans

Retrieved on: 
Thursday, October 10, 2019

WASHINGTON, Oct. 10, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today began marketing its fourteenth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.

Key Points: 
  • WASHINGTON, Oct. 10, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today began marketing its fourteenth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.
  • The sale consists of approximately 22,700 loans, having an unpaid principal balance of approximately $3.4 billion, and is available for purchase by qualified bidders.
  • This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc.
  • The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale.