A unit of Cerberus Capital Management last week issued $174 million of debt secured entirely by home equity lines of credit, or HELOCs, according to The Wall Street Journal. It’s a type of mortgage bond that went extinct in the wake of the financial crisis after a reversal in home prices made older versions worth pennies on the dollar.
Pamela Hughes Patenaude, who formerly served as deputy secretary of the Department of Housing and Urban Development, is joining the board of directors of Habitat for Humanity International, the organization announced Monday. Patenaude resigned from HUD in December 2018 after spending more than a year as the second-in-command to HUD Secretary Ben Carson.
Remodeling activity across the nation has slowed in the last year, but some cities have bucked the trend and posted gains despite the nationwide housing slowdown. According to the latest from housing data and analytics company BuildFax, remodeling activity increased in May in five of the top 10 metropolitan statistical areas, but elsewhere signs of a nationwide housing slump are evident.
Craig Phillips, Treasury Secretary Steven Mnuchin’s top housing advisor and the point person for reform of Fannie Mae and Freddie Mac, has left his position before achieving any major changes at the mortgage giants. “Mnuchin simply lacks the time and energy needed to advance a housing finance reform plan,” Jaret Seiberg, Managing Director at Cowen Group, said in a note to clients.