Read the latest articles and press releases about securitization and structured finance.

Industry News

FHFA: House Price Index Up 0.8% in July

On September 26, the FHFA released its national house price index for July 2023. According to the index, average home prices rose 0.8% from June to July 2023, and 4.6% on a year-over-year basis.

Industry News

CFPB Releases Annual Mortgage Market Activity Report for 2022

On September 27, the CFPB released its annual report on residential mortgage lending trends for 2022. The report notes that the average monthly principal and interest payment for a new 30-year fixed-rate mortgage originations increased more than 46% year-over-year, owing to high home prices and mortgage rates.

Industry News

HFSC Members Press SEC Gensler Over Conflicts of Interest Rule

On September 27, SEC Chair Gary Gensler testified before the House Financial Services Committee (HFSC). He addressed questions regarding AI, crypto, and the Commission’s proposals on swing pricing and predictive data analytics.

Industry News

GSEs, Ginnie Mae Expand Respective Social Bond Initiatives

On September 14, Ginne Mae announced the launch of a social bonds label for single-family MBS. Separately, on September 18, both Fannie Mae and Freddie Mac announced the expansion of single-family social disclosures for Super and Mega MBS pools.

Industry News

Federal Reserve Votes to Keep Interest Rates Steady

On September 20, the Federal Reserve Board voted to keep the federal funds rate in the range of 5.25% and 5.5%, marking only the second meeting this year that the Fed opted to keep rates steady. The Fed’s post meeting statement was adjusted to reflect a cooling labor market and strong economic growth. Economic projections showed 12 of 19 officials expect to raise the policy rate once more this year.

Industry News

FDIC Acknowledges Oversight Shortcomings Towards First Republic Bank

In a report issued by the FDIC on September 8, the agency acknowledged that measures could have been implemented by bank regulators to mitigate deposit runs at First Republic Bank. The report emphasizes that the FDIC could have further scrutinized interest rate and liquidity risk exposures, that could have reduced the bank’s vulnerability to the contagion effects witnessed in March 2023.

Industry News

CFPB Director Chopra Warns of Potential Disruption Tied to Supreme Count Case

n a speech on September 11, CPFB Director Rohit Chopra addressed the CFPB v. Community Financial Services Association of America case, which deals with the constitutionality of the agency’s funding structure. In his remarks, Chopra argued that an adverse ruling could be destabilizing and call into question a decade of CFPB rulemakings, most specifically around housing finance regulations.

Industry News

Senate Banking Committee Holds Hearing with SEC Chair Gary Gensler

The Senate Committee on Banking, Housing and Urban Affairs held a hearing on September 12, with SEC Chairman Gary Gensler, titled “Oversight to the U.S. Securities and Exchange Commission”. Democrats praised Gensler for his oversight and banking enforcements, and questioned Gensler as to the timeline of the SEC’s climate disclosure proposal.

Industry News

HFSC Holds Hearing on Basel III Capital Proposal

On September 14, the House Financial Services Committee (HFSC) held a Subcommittee hearing on Financial Institutions entitled, “Implementing Basel III: What’s the Fed’s Endgame?” The hearing focused on the recent proposed rulemaking from prudential regulators that would increase the capital requirements for banking institutions.

Industry News

FHFA Announces Public Engagement Process for Updated Credit Score Requirements

On September 11, the FHFA announced next steps in the adoption of new credit score requirements by Fannie Mae and Freddie Mac. The FHFA is forming stakeholder forums and listening sessions to solicit additional public engagement during the transition.

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