Lenders score a legal victory against underwater homeowners seeking to void their 2nd mortgage and Morningstar flags a risk in single-family rental deals: more expired leases.
More From Asset Securitization Report
A Biden CFPB could put pressure on mortgage servicers
The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.
Vornado Takes 2nd Bite of Big Apple CMBS Market
Vornado Realty Trust is involved in its second single-property securitization of a premier New York office site this week.
Cerberus Offers Up 2nd 2016 Re-Performing RMBS
The $874.8 million in notes is backed by 4,053 individual loans by borrowers with blemished credit, but with rehabbed loans that have an average seasoning of 102 months. The borrowers have been current for at least the last 24 months.
Big Defeat for Underwater Homeowners with 2nd Mortgages
Bank of America scored a legal victory this week for all holders of second liens when the Supreme Court ruled that bankruptcy courts cannot void a second mortgage because it exceeds the value of the home.
BofA Takes 2nd Lien Case to Supreme Court
Bank of America is seeking to overturn bankruptcy rulings that released two Florida homeowners from paying back second mortgages that were completely underwater.
