Ford’s SOFR loan is first new deal to use Libor’s replacement
The car maker is refinancing three revolving credit facilities using the Secured Overnight Financing Rate, and embedding climate-change goals into the deals.
Economy
Shale’s prudence wins over debt market with $42 billion of bonds
Shale drillers — some of them just emerging from bankruptcy — racked up a staggering $42 billion in new debt in the first half of the year.
Fannie Mae’s earnings soar to $7.2B as it sets a purchase loan record
While the hot market’s actual and forecast home price gains were key drivers of Fannie’s results, they also present a challenge to the affordable housing mission that it’s working to address.
Fees paid to Fannie and Freddie could help fund infrastructure plan
A hike in guarantee fees charged to lenders for the companies’ backing of loans was due to expire this year, but lawmakers now want to extend it to raise $21 billion for the bipartisan package.
Citizens Financial buying Investors Bancorp for $3.5 billion
Combined with its pending acquisition of HSBC's East Coast branches, the deal would give the Rhode Island-based Citizens a top-10 deposit market share in metropolitan New York.
Nonbank lenders balk at Ginnie Mae capital plan
The guarantor has for the first time proposed a risk-based capital requirement for companies not subject to other federal regulation. The industry says the plan, which would impose a heavy charge for servicing portfolios, could drive lenders away from government-backed programs.
Near-record SBA lending gives banks much-needed earnings jolt
Small Business Administration lenders have reported strong quarterly results, but those gains could evaporate later this year. Here’s why.
Commercial loan performance is all over the map in pandemic era
Comerica, which focuses on the energy sector, reported strong payment trends last quarter, while M&T, which concentrates more on real estate, showed deterioration. The divergence reflects varying exposures to sectors hit hard by the COVID-19 recession.
New-home loan volume drops to 13-month low in June
Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.
Freddie Mac raises origination outlook even as purchase demand softens
The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.
FHFA ending fee meant to cover Fannie, Freddie’s COVID-related losses
The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.
Fannie Mae, Freddie Mac loan modifications reach a pandemic high
The return of more normalized numbers for two key players in the home loan market could be the lead-up to a wave that’s been anticipated since the coronavirus arrived.
Can banks allay concerns about emerging student loan product?
Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.
FHFA lowers bar for distressed borrowers seeking loan modifications
The change makes it easier for borrowers exiting forbearance to get access to home retention options that might otherwise be out of reach due to skyrocketing home prices.
What housing bubble? Price growth driven by fundamentals, analysts say
The lack of homes for sale is supporting the record values, unlike what happened in the mid-2000s, analysts say.
Could the Biden administration bring back the GSE net worth sweep?
The Supreme Court decision cleared the way for further revisions to the agreements between the Federal Housing Finance Agency and the Treasury, which could include dismissing the January changes.
Mortgage execs begin lobbying FHFA to lift lender sales cap
The Community Home Lenders Association has called for suspension of federal limits on the loan volumes that Fannie Mae and Freddie Mac can purchase from individual lenders. The demand came on the same day that the Biden administration fired FHFA Director Mark Calabria and started the process of nominating his successor.
Commercial and multifamily lending outlook turns positive in 2Q
Growing CRE mortgage volumes raised the bar for the coming year despite lingering concerns, according to the CRE Finance Council.
Calabria’s ouster at FHFA sets stage for Biden to remake housing policy
President Biden removed Mark Calabria as Federal Housing Finance Agency director hours after a Supreme Court ruling made the move possible. The administration is expected to offer up a nominee who will prioritize affordable housing and racial equity in housing instead of reforming Fannie Mae and Freddie Mac.
Fifth Third buying health care lender Provide
The fintech specializes in lending to dentists, veterinarians and other solo providers looking to grow or establish their own practice.
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