Washington Post, July 27, 2020–Heather LongThe affluent are taking advantage of the cheapest mortgage rates in history to buy bigger homes. Meanwhile, renters face more job losses and fear eviction. …
Category: Top National News
Jumbo Mortgages Are No Longer the Cheapest Mortgages Around
Wall Street Journal, July 27, 2020–Orla McCaffrey (subscriptionBanks now offer lower rates on smaller mortgages—a sign of investors clamoring for safe assets amid the coronavirus recession (MBA mention)https://www.wsj.com/articles/jumbo-mortgages-are-no-longer-the-cheapest-mortgages-around-11595842200
How One Black Woman’s Purchase of a Home Boosted Her Family’s Finances for Generations
Washington Post, July 26, 2020–Michele LernerIn 1936 a widowed black woman bought a home and it changed her family’s financial worth for generations. Today homeownership rates of black people lag …
CFPB to Propose Rules for How Companies Access Customer Data
American Banker, July 24, 2020–Kate Berry (subscription)The Consumer Financial Protection Bureau plans to propose clearer standards on how fintech firms access consumers’ financial account information, the agency said Friday.https://www.americanbanker.com/news/cfpb-to-propose-rules-for-how-companies-access-customer-data
Bank of America Settles Alleged Disability Discrimination Violations
HousingWire, July 24, 2020–Alex RohaBeginning in January 2010 and in violation of the Fair Housing Act, the DOJ alleges that the bank maintained a policy of denying mortgages and home …
What Post-Pandemic Expansion May Look Like for Mortgage Lenders
National Mortgage News, July 24, 2020–Bonnie Sinnock (subscription)As home loans surge and lenders look to expand, they’re doing a cost-benefit analysis on the possibility of opening more commercial locations.https://www.nationalmortgagenews.com/news/what-post-pandemic-expansion-may-look-like-for-mortgage-lenders
Two Mortgage Companies Hit With Over $1M In Fines By CFPB
National Mortgage Professional, July 25, 2020–Keith GriffinThe Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group Inc. and Prime Choice Funding Inc. The bureau found that the companies …
Trump Advisers Still Touting ‘V-Shaped’ Economic Recovery
Wall Street Journal, July 26, 2020–William Mauldin (subscription)President Trump’s top economic advisers say they still expect a rapid economic recovery despite surges in new coronavirus infections that have rattled consumers …
Senate Passes Bill to Prevent Garnishment of CARES Act Payments
American Banker, July 24, 2020–Neil Haggerty (subscription)The Senate passed legislation Thursday that would prevent debt collectors from diverting coronavirus relief payments to pay off a consumer’s outstanding debt.https://www.americanbanker.com/news/senate-passes-bill-to-prevent-debt-garnishment-of-cares-act-payments
Treasurys Take In Mixed Data on Economic Rebound
Wall Street Journal, July 24, 2020–Sebastian Pellejero (subscription)Demand for safe-haven U.S. government bonds remains high, while investors and analysts wonder whether yields have more room to fall.https://www.wsj.com/articles/treasurys-take-in-mixed-data-on-economic-rebound-11595610381?mod=lead_feature_below_a_pos1