Wall Street Journal, Jan. 24, 2019–Andrew Ackerman (subscription)Lawmakers from both parties plan to take a fresh crack at getting Fannie Mae and Freddie Mac, two companies that underpin nearly half of U.S. mortgages, out of government control.
Category: Top National News
Banks Didn’t Cause the Shutdown–Why are they on the Defensive?
American Banker, Jan. 24, 2019–John Heltman (subscription)When Sen. Elizabeth Warren, D-Mass., sent a letter last week to some of the largest banks asking for details about what they were doing to aid customers affected by the government shutdown, many firms had to confront an all-too-familiar public relations dynamic: playing defense. Banks had already been quick to point out that many of them were taking action to help their customers–a point that Warren herself acknowledged.
Trump Tax Law Gives Landlords 20% Tax Break
Orange County Register, Jan. 24, 2019–Jeff LazersonLast week, the Internal Revenue Service clarified section 199A of the 2017 Trump tax overhaul that offers a plethora of taxpayer benefits to landlords. (MBA mention)
Mortgage Rates Aren’t Moving–How Will the Housing Market Respond?
MarketWatch, Jan. 24, 2019–Andrea RiquierRates for home loans were unchanged in line with a stagnating bond market, but big questions remain about the health of the housing market.
CEOs of Six Top Banks to Testify Before Congress
Wall Street Journal, Jan. 24, 2019–Andrew Ackerman, Emily Glazer (subscription)The chief executives of the six largest U.S. banks are poised to testify together before House lawmakers in Congress this spring, sources said, for the first time since shortly after the financial crisis.
The Death of the Mortgage Professional
National Mortgage Professional, Jan. 24, 2019–Robert J. ClennanAs mortgage professionals embrace technology, technology is replacing mortgage professionals. The industry’s greatest opportunity mirrors its greatest challenge: The need to balance the insatiable appetite to invest in more technology with the need to invest in our employees.
Massive Mortgage and Loan Data Leak Gets Worse as Original Documents Also Exposed
Tech Crunch, Jan. 24, 2019–Zack WhittakerA reporter found the second trove of data in a separate exposed Amazon S3 storage server, which too was not protected with a password. Anyone who went to an easy-to-guess web address in their web browser could have accessed the storage server to see–and download–the files stored inside.
Mortgage Applications Pull Back 2.7% as Rates Turn Higher Again
CNBC, Jan. 23, 2019–Diana OlickTotal application volume fell 2.7 percent compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 3.3 percent higher than a year ago.
Enhancing the FHA’s Loss Mitigation Toolkit Can Improve Borrower Outcomes
Urban Institue, Jan. 23, 2019The Urban Institute’s Mortgage Servicing Collaborative agrees that the FHA could improve outcomes for borrowers and mitigate costs for servicers by simplifying requirements.
No Pay Stub? No Problem. Unconventional Mortgages Make a Comeback
Wall Street Journal, Jan. 23, 2019–Ben Eisen (subscription)A flavor of mortgage once panned for its role in the housing meltdown a decade ago is making a comeback. These loans, aimed at buyers with unusual circumstances such as those who can’t provide the standard proofs of income, are growing rapidly even as rising interest rates and higher home prices crimp demand for mortgages.