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

Rising Insurance Costs Adding to CRE Challenges

According to the WSJ, commercial real-estate (CRE) insurance costs have risen 7.6% annually on average since 2017. Citing data from Moody’s Analytics, natural disasters, inflation, and a shrinking reinsurance market have pushed insurance premiums to record levels.

Industry News

Federal Judge Upholds ESG Investing Rule

Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas, ruled in favor of the Department of Labor’s (DOL’s) 2022 rule, which allows retirement fund managers to consider environmental, social, and governance (ESG) factors in investment decisions. The judge rejected the states’ argument that the Administrative Procedure Act precluded the DOL’s proposed rule.

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

Auto Manufacturing Strikes Could Cause Further Pressure on Auto Lending

Prolonged strikes at three of the largest vehicle manufacturers could further reduce auto inventories and result in higher prices. Consumers looking to finance vehicle purchases are already facing tougher lending standards and higher interest rates. The length of the strikes will determine the overall impact on auto lenders.

Industry News

WSJ Predicts Consumer Spending Squeezed by Resumption of Student Loan Repayments

According to the Wall Street Journal the resumption of student loan repayments could divert up to $100 billion in American consumer spending over the next year. This resumption begins on October 1, and follows the payment pause instituted by the Department of Education in March 2020.

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.

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