October 10, 2018
In This Issue:
- Senators Seek Probe of Money Laundering in Real-Estate Market
- Fannie Mae CEO Tim Mayopoulos Stepping Down Within Days
- Texas Sunset Commission Publishes Report on Texas Real Estate Commission, Appraiser Licensing and Certification Board
- Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond
Senators Seek Probe of Money Laundering in Real-Estate Market
Wall Street Journal | Oct. 9, 2018
Two U.S. senators are seeking a congressional probe into the risk of money laundering in the real-estate sector.
Sens. Chris Van Hollen of Maryland and Sheldon Whitehouse of Rhode Island, both Democrats, sent a letter Wednesday to Gene Dodaro, head of the Government Accountability Office, seeking assistance with an investigation into vulnerabilities in the U.S. anti-money-laundering legal regime related to the real-estate sector.
“Residential real estate markets currently have fewer [anti-money-laundering] protections than lending financial institutions, presenting increased risk of access by foreign and domestic criminal organizations,” they wrote.
The request comes as Congress tries, again, to address broader deficiencies in the nation’s anti-money-laundering laws. Lawmakers for a decade have attempted to pass laws that close loopholes through which criminals can abuse the U.S. financial system, such as through the purchase of property.
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Fannie Mae CEO Tim Mayopoulos Stepping Down Within Days
HousingWire | Oct. 8, 2018
For the first time in more than six years, Fannie Mae will soon be run by someone other than Tim Mayopoulos.
Back in July, Fannie Mae announced that Mayopoulos planned to step down “by the end of the year,” but did not specify a date for his departure.
Now, Mayopoulos’ days as Fannie Mae’s CEO are numbered – literally.
Fannie Mae announced Monday that Mayopoulos plans to leave the company on Oct. 15, 2018.
In his stead, the government-sponsored enterprise is naming former Berkadia Commercial Mortgage CEO Hugh Frater to serve as interim CEO.
Frater currently serves on Fannie Mae’s board, and has done so since 2016. Frater also currently serves as non-executive chairman of the board of VEREIT and as a director of ABR Reinsurance Capital Holdings.
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Texas Sunset Commission Publishes Report on Texas Real Estate Commission, Appraiser Licensing and Certification Board
TLTA | Oct. 4, 2018
In Texas, state agencies are assigned a statutory expiration date by which the agency will cease to exist unless the Texas Legislature acts to continue its existence before that date. Under the sunset process, agencies under review are required to undergo an analysis of their overall effectiveness and performance by the staff of the Texas Sunset Advisory Commission.
Sunset's report on the Texas Real Estate Commission and the Texas Appraiser Licensing and Certification Board has been published.
Read the Report and Learn More »
Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond
Bloomberg | Oct. 4, 2018
Wells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing, according to people familiar with the matter.
The $441 million non-agency bond will include top portions, which will be rated AAA, said the people, who asked not to be identified citing lack of authorization to speak publicly. The sale will be finalized next week.
Wells Fargo Chief Executive Officer Tim Sloan hinted over a year ago that the lender planned to originate a non-agency securitized mortgage offering in the near future and help kick start the market, which cratered in 2008.
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