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Secondary Market

Regulators Want Stress Tests for Banks

The top three U.S. banking regulators have issued guidelines that would require comprehensive stress tests every year for lending institutions with assets totaling $10 billion or more. The Federal Reserve, FDIC, and Office of the Comptroller of the Currency proposed guidance material that would test a bank's capital preparedness and lending ability under national economic duress. The evaluation would also appraise the integrity of the banks' payout plans for shareholders.

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Jefferies Group Appoints New Managing Director

Jefferies Group, Inc., a global securities and investment firm, announced the appointment of Richard Ford as its new managing director in the company's Real Estate Investment Banking Group on Wednesday. Ford joins Jefferies as an executive with nearly 15 years' experience in real estate investment banking. He was previously at Bank of America Merrill Lynch as managing director of the firm's real estate investment banking group.

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Fed: Real Estate Markets Show Widespread Weakness

Fed

The Federal Reserve released a report on Wednesday that suggests a "steady pace" of economic growth throughout most of the country, with intermittent spots of economic activity slowing in four of its 12 regional districts, namely Philadelphia, New York, Atlanta, and Chicago. The central bank's regularly published Beige Book indicated that construction and real estate markets continued to show widespread weakness. No district seemed to see an increase in home prices.

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Mortgage Bankers Praise Risk Retention Comment Extension

The nation's largest association for mortgage bankers has issued a statement praising a last-minute extension of the comment deadline for Dodd-Frank's controversial risk-retention rule and its Qualified Residential Mortgage (QRM), which opponents charge will make loans more expensive for homebuyers. The Mortgage Bankers Association says the rule will have a "profound long-term effect" on the mortgage financing industry, which is good reason to give stakeholders more time to understand its full scope.

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Caliber Funding Appoints New CEO

Caliber Funding, LLC, a wholesale and retail mortgage lender, announced Monday that it would appoint Brian Simon its chief executive officer. Caliber Funding has an excellent strategic position within the mortgage lending industry, and I am very excited to join the company, Simon said in the release.

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