Keeping things in perspective, last Thursday the White House announced a raft of measures to alleviate the ongoing baby formula shortage, which has worsened in recent weeks because of a major product recall and supply chain problems. Here in Manhattan at the MBA’s Secondary conference, participants learned that the CFPB certainly won’t be “resting on its laurels” any time soon. Not only will it not be discouraging states from creating their own CFPB-like bureaus, but we can expect the CFPB to continue to broaden its range of enforcement activities. (And servicers took note of the CFPB’s servicing bulletin yesterday.) Fortunately, most lenders and vendors are doing a very good job with compliance! Partnering with the Agencies is on the agenda, as is the ARM market, climate change (and its impact on mortgage pricing and reps & warrants), cybercrimes, and hedging. A full slate! (Today’s podcast is available here and this week’s
Remember: April is National Procrastination Month! I could tell that my cat Myrtle was displeased the other morning. She’s very secretive about her finances, but my guess is that she’s “long” residential lender stocks and procrastinated selling them. Nearly every lender’s stock price is near all-time lows, making the sellers of these companies during the last few years look like timing geniuses. Earning notes on UWM and Rocket are below, but loanDepot shares have lost about 43.8% since the beginning of the year versus the S&P 500's decline of -16.3%. Finance of America, which had a management shakeup in mid-March and moving President Bill Dallas to an advisory role, reported a net loss for the quarter of $64 million, but improving from a $1.33 billion loss in the previous quarter. (FOA acquired Parkside last year.) Guild Mortgage saw only $32 million Adjusted Net Income, and its stock is trading near an all-time low. Retail, wholes
green spaces built on highway overpasses. emily has more. reporter: there is a new push to add traffic to atlanta s notoriously strapped highways that his foot traffic. proposals in the city suggest building up straight green space for pedestrians. we essentially fill in a hole over a highway. reporter: the most extensive project is dubbed the stitch. planters from the non- profit atlanta progress one to cap a three-quarter mile stretch of the downtown connector with urban parks. festivals, gatherings, picnics, throwing a frisbee and i think it s hard to envision in this particular space but it can happen and it has happened in other cities. reporter: dallas part of the va with its park in 2012 and since then more than 6 million people have visited. designer says several dozen cities are currently considering deck parks in cities like seattle, denver and pittsburgh.