Washington Post, Jan. 16, 2020–Kathy Orton (MBA mention)Reports on employment and inflation did little to move mortgage rates this week. Instead, rates held steady while waiting to see what would …
Category: Top National News
In Rebuke of CFPB, States Look to Get Tough on Debt Collectors
American Banker, Jan. 15, 2020–Kate Berry (subscription)As states flex their regulatory muscle in response to a pullback in enforcement activity by the Consumer Financial Protection Bureau, they are zeroing in …
Lawyer Picked to Defend CFPB Before High Court Backs Agency Structure
American Banker, Jan. 15, 2020–Kate Berry (subscription)Paul Clement, a partner at Kirkland & Ellis and court-appointed defender of the agency in a landmark case challenging the agency’s structure, filed a …
You’re Never Too Old To Apply for a Mortgage
Wall Street Journal, Jan. 16, 2020–Katy McLaughlin (subscription)Federal law, under the Equal Credit Opportunity Act, forbids discrimination in the mortgage market on the basis of age. Nonetheless, loan officers say …
Low Rates Bruise Bank of America’s Profits into 2020
Reuters, Jan. 15, 2020–Imani Moise, Bharath ManjeshRBank of America Corp. got stung by lower interest rates in the fourth quarter, sending its profit down 4%, a trend that management expects …
Ex-Fannie Mae Employee Sentenced for Role in Property Sales Scheme
National Mortgage News, Jan. 15, 2020–Bonnie Sinnock (subscription)The scam involved discount sales of real estate owned properties.https://www.nationalmortgagenews.com/news/ex-fannie-mae-employee-sentenced-for-role-in-property-sales-scheme
UBS: Fed May Cut Rate Three Times in 2020
HousingWire, Jan. 15, 2020–Kathleen HowleyUBS, one of the world’s biggest investment banks, is predicting the Fed could lower interest rates three times in 2020, an outlook at variance with other …
New Paper Challenges FSOC on Servicers
National Mortgage Professional, Jan. 15, 2020–Phil HallThe paper, “Do Non-Bank Mortgage Companies Pose Systemic Risk to the US Economy?,” challenges the FSOC’s assertion that the financial system could undergo tumult …
Fed’s Beige Book Reports Continued Modest Growth
Wall Street Journal, Jan. 15, 2020–David Harrison (subscription)The U.S. economy is entering 2020 on solid footing, having kept up its modest expansion in the final six weeks of 2019, the …
The Era of Fed Power Is Over. Prepare for a More Perilous Road Ahead
Wall Street Journal, Jan. 15, 2020–Greg Ip (subscription)The Federal Reserve and other central banks have long been the unchallenged drivers of financial markets and the business cycle. “Don’t fight the …