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SUBSCRIBE ? Volume 12 | Issue 1 | Wednesday, January 2, 2013
The Lede
MBA Advocacy Update: Major Policy Challenges in 2013
To quote MBA Chairman Debra Still, CMB, 2013 will be The Year of Regulatory Implementation. A number of key Dodd-Frank rulemakings, totaling thousands of pages, will be finalized this year.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News

Mortgage Industry Insider Warns about a Stifling Regulatory Cliff
Washington Times, Dec. 20, 2012--Hill, Patrice
Mortgage Bankers Association President and CEO David Stevens said banks remain cautious about lending in the wake of a number of federal regulations coming out this year and an increase in enforcement actions at the state and federal level.
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Senate Confirms Galante as Federal Housing Agency Chief
Bloomberg, Dec. 30, 2012--Rizzo, Katherine
The Senate on Sunday finally made it official, confirming Carol Galante as head of FHA after a year in which she served in an acting capacity.
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Fiscal Cliff Deal: House OKs Proposal Despite GOP Objections
NBC News, Jan. 2, 2013--O'Brien, Michael
President Obama said he would sign legislation averting a fiscal cliff after the House voted 257-167 to approve a bill earlier passed by the Senate.
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U.S. Mortgage Firms Said to Near $10 Billion Settlement
Bloomberg, Dec. 31, 2012--Hopkins, Cheyenne; Benson, Clea
Office of Comptroller of Currency and other regulators said to be near new settlement with mortgage servicers.
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Refi Program Extension Eyed
Wall Street Journal, Dec. 25, 2012--Timiraos, Nick
Obama administration considering expanding mortgage refinance programs for borrowers held by private investors.
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Fed Flummoxed by Mortgage Yield Gap Refusing to Shrink: Economy
Bloomberg, Dec. 24, 2012--Salas Gage, Caroline; Shenn, Jody; Perlberg, Heather
Federal Reserve policymakers are "disappointed" that record-low mortgage rates have not provided more of a jump-start to the economy and plan to examine the isssue further.
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New Mortgage Standards Must be Clear, Measurable
Tampa Bay Times, Dec. 29, 2012--Editorial
The Times' editors say new mortgage rules should provide banks with some shield from homeowner lawsuits, but not complete safe harbor.
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Fringe 15-Year Mortgage Becomes Hot Property
MarketWatch, Dec. 28, 2012--Andriotis, AnnaMaria
Freddie Mac reports nearly 16 percent of fixed-rate mortgages sold to it in third quarter were 15-year loans.
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LBBW Suing Deutsche Bank in U.S. over Mortgage-Backed Securities
Dow Jones Business News, Dec. 28, 2012
German bank Landesbank Baden-Wuerttemberg has sued Deutsche Bank AG in a New York court, alleging fraud in $173 million in mortgage-backed securities purchases.
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Residential Finance News

Holiday News Roundup
Here is a summary of news reports that came out over the holiday break.
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MISMO Announces Leaders of Standards Governance Committees
The Mortgage Industry Standards Maintenance Organization announced results of elections for its Residential Standards Governance Committee and Commercial Standards Governance Committee.
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The Week Ahead
The 112th Congress, which met until late last night to resolve fiscal cliff issues, is no more. The 113th Congress convenes on Thursday, Jan. 3.
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Commercial/Multifamily News

Fitch: Apartment and Hotel CMBS to Outperform in 2013
Apartment and hotel commercial mortgage-backed securities should maintain their performance edge over other property types this year, predicted Fitch Ratings, New York.
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Dealmaker of the Day
DiamondRock Hospitality Co., Bethesda, Md., closed on a $74 million loan secured by its Westin Washington, D.C. City Center hotel.
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MBA News

MBA National Short Sale/REO Summit Feb. 21-23
The Mortgage Bankers Association's inaugural National Short Sale and REO Summit takes place Feb. 21-23 at the Gaylord Texan in Dallas.
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MISMO Educational Summit/Workshop Jan. 14-18
The MISMO® Educational Summit and Workshop takes place Jan. 14-18 in Atlantic Beach, Fla.
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CampusMBA Financing Home Renovations LIVE Online Conference Jan. 10
CampusMBA, the education division of the Mortgage Bankers Association, presents a LIVE Online Conference, Financing Home Renovations: FHA 203K, Home Path, Home Style and Commercial on Thursday, Jan. 10 from 2:00-3:30 p.m. ET.
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"The pendulum may have swung too far. We're at a point right now where banks are afraid to make a bad loan."
--MBA President and CEO David Stevens, in an interview with the Washington Times on the current regulatory environment.

About MBA NewsLink
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David H. Stevens, President and CEO, Mortgage Bankers Association

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