The authors noted that the typical scenario for economic downturns is for the number of problem loans to rise, along with loan-loss provisions. During the financial crisis of 2008 and 2009, commonly known as the Great Recession, net charge-offs totaled more than $50 billion, a historically high level. Meanwhile, the provisions for loan and lease losses more than tripled from 2007 to 2008 at the onset of the recession—from less than $20 billion to more than $70 billion in just a year.

This bundle of loans, CMLT 2015-PS1, is the third securitization issued by Citigroup in 2015 and comes with an unpaid principal balance (UPB) of $421 million.

Wells Fargo Bank and the Department of Justice’s U.S. Trustee program have entered into a settlement agreement over the bank’s acknowledged violation of federal bankruptcy rules that took effect in December 2011, according to an announcement from the DOJ.

“As disappointing as last month’s jobs report was, this one more than makes up for it,” said Curt Long, Chief Economist of the National Associations of Federal Credit Unions (NAFCU). “Job gains surged past analysts’ expectations, while the unemployment rate dropped even as 300,000 workers joined the labor force. Meanwhile, year-over-year wage growth hit its highest mark since mid-2009. Barring catastrophe, everything looks set for the Fed to raise rates in December.”

In August 2015, the GSEs completed 17,806 foreclosure prevention actions, over half of which (11,382) were permanent loan modifications. August’s total included both home retention actions and home forfeiture actions and brought the total of foreclosure prevention actions completed by the GSEs to 3,578,227 since the conservatorships began in September 2008.

Oakland, California-based single-family rental real estate investment trust Starwood Waypoint Residential Trust announced a successful third quarter with re-performing loan net sale proceeds of $78.2 million and a merger with Colony American Homes to create a combined portfolio of 30,000 SFR homes.

As head of Home Lending Servicing, Hilzendeger will be responsible for leading more than 17,000 of the bank’s team members who service mortgage loans and home equity products for more than 10 million Wells Fargo customers, and mortgage loans for investors totaling more than $1 trillion.

The U.S. House of Representatives voted on Thursday to pass an amendment eliminating the use of guarantee fees on mortgages backed by Fannie Mae and Freddie Mac to fund a controversial $47 billion transportation bill known as H.R. 22, or the Developing a Reliable and Innovative Vision for the Economy (DRIVE) Act

Though Fannie Mae was profitable in Q3, the Enterprise’s net income and comprehensive income both declined by more than 50 percent from the previous quarter when it reported totals of $4.6 billion and $4.4 billion, respectively. The decline in net income was primarily due to fair value losses which were partially offset by credit-related income.

Despite rising shares of homebuyers age 50 and over and shrinking percentages of homeowners ages 35 to 50 and under 30, the median age of homebuyers has remained “remarkably steady” in the last decade.