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Author Archives: Aly J. Yale

Aly J. Yale is a longtime writer and editor from Texas. Her resume boasts positions with The Dallas Morning News, NBC, PBS, and various other regional and national publications. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.

Foreclosures Down, Except in 3 States

A new report shows foreclosure filings are down 23 percent since last year, hitting their lowest point since November 2005. Foreclosure starts and completions are also down over the year, though repeat foreclosures have seen an increase. The only places to see jumps in foreclosure activity were New Jersey, Connecticut, Massachusetts, and D.C.

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Chase Warns Mid-size Banks of Fed Deposit Drain

According to a presentation from JPMorgan Chase, mid-size banks should begin merging before the Federal Reserve begins to reverse quantitative easing in December. This policy reversal will essentially "destroy" deposits, the presentation argues, and make it difficult for smaller banks to thrive. Consolidating resources may be the solution.

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GSEs Could be Granted FOIA Exemptions

Fannie Mae and Freddie Mac will now enjoy the nine standard exemptions of the Freedom of Information Act, thanks to a recent amendment to HR 1694. According to the amendment's sponsor, it will help ensure privacy and transparency at the entities. Passed in April, HR 1694 requires the GSEs to adhere to the FOIA for the first time since entering conservatorship.

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Buffett Says Wells Fargo Incentives, CEO to Blame

According to billionaire Warren Buffett, Wells Fargo's CEO John Stumpf should have responded sooner to problems with its sales incentive programs which, Buffett says, were "incentivizing the wrong kind of behavior." The Chairman of Berkshire Hathaway addressed the bank's scandal on Saturday during a Q&A session with shareholders. He also discussed the firm's Q1 report and potential corporate tax cuts.

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SE a Popular Spot for Rental Investors

Due to changes in securitization trends, rental property investors are shifting their acquisition efforts toward the Southeastern U.S. The region offers lower acquisition costs and more attractive yields, a new RMBS report found. In 2016, Florida, Texas, Georgia, North Carolina, and Indiana made up the bulk of investments.

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Underwater Mortgages on Decline

The number of seriously underwater properties is on the decline, according to a recent home equity report. Approximately 5.5 million U.S. homes were seriously underwater for the quarter—a drop from last year’s 6.7 million. As a percentage of all mortgages, seriously underwater loans also dropped, accounting for 9.7 percent of all loans versus the 12 percent of Q1 2016.

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Fed Nixes Rate Hike in May Meeting

The Federal Open Market Committee opted to keep the federal funds rate as-is during its May meeting. The FOMC raised the rate in March from 0.75 to 1 percent. It was largely expected that the FOMC would raise rates at least two more times over the course of 2017.

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Ocwen Sees Net Loss, Servicing Up in Q1

According to preliminary operating results, Ocwen Financial Corporation lost an estimated $32.6 million—or $0.26 per share—for the first quarter of 2017. The loss pales in comparison to Q1 2016, when Ocwen reported a net loss of more than $111 million. Ocwen’s servicing segment reported $3.1 million in pre-tax income—up nearly $70 million from Q1 2016. Lower legal fees, a rise in MSR Fair Value, and fewer indemnification payments helped drive the jump in servicing income.

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Barclays Settles with SEC in RMBS Case

Barclays Capital will pay more than $16 million in remediation and penalties in response to charges brought against the bank by the U.S. Securities and Exchange Commission. The charges alleged two Barclays traders misled customers and that the bank failed to properly supervise them. The traders have also agreed to individual settlements of their own.

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Freddie to Pay $2.2B in Dividends for Q1

Though Freddie Mac’s net income was lower this quarter than last, the GSE will still pay $2.2 billion in dividends to the U.S. Treasury for this quarter, according to its recent financial results report. The agency saw single-family revenues, purchase volumes, and mortgage-related investments all decline for Q1. These declines, according to Freddie Mac CEO Donald Layton, were due to steady interest rates and low market spreads

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