Daily Dose

On the side of the argument for exercising patience, Williams said there are two main concerns: One, the constraint of the “zero lower bound,” which is to say rates can’t go any lower than zero and there will not be room to lower the rates if there is another economic downturn or if inflation drops further; and two, the inflation has been “stubbornly” below the Fed’s target rate of 2 percent for almost three and a half years.

The research found that 31 percent of borrowers had not talked to their servicer/lender, 28 percent did not believe their servicer could help them, yet 74 percent (nearly three-quarters) said they would talk to a housing counseling agency, yet 38 percent of the homeowners who were surveyed did not know that counseling was available to them.

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.

The OCC provided guidance on what to expect in their forthcoming TRID compliance exams directed to “chief executive officers and compliance officers of national banks and federal savings associations, federal branches and agencies, department and division heads, all examining personnel, and other interested parties.”

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.

The GSEs have been under FHFA conservatorship since September 2008, at which time they needed a combined bailout of $187.5 billion from taxpayers in order to stay afloat and "preserve and conserve their assets and property and restore them to a sound financial condition so they can continue to fulfill their statutory mission of promoting liquidity and efficiency in the nation's housing finance markets," according to FHFA's website.

“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.