Category: Top National News

American Banker, Dec. 12, 2018–John Reosti (subscription)The Financial Stability Oversight Council discussed the pending Current Expected Credit Loss standard, widely known as CECL, in a closed-door executive session Wednesday that ran significantly longer than its scheduled 45 minutes.

The Urban Institute, Dec. 20, 2018–Jim ParrottThe most important question in housing policy heading into the new year has nothing to do with interest rates, housing supply, or home sales. It’s what kind of director of the Federal Housing Finance Agency Mark Calabria will be.

Politico, Dec. 20, 2018–Sarah Ferris, John BresnahanHouse Republicans passed a stop-gap spending bill on Thursday that delivers $5 billion for President Donald Trump’s border wall, setting up a standoff with the Senate that drastically raises the likelihood of a government shutdown this weekend.

American Banker, Dec. 20, 2018–Neil Haggergy (subscription)House Democrats are warning Office of Management and Budget Director Mick Mulvaney that he may be called to testify in the next Congress on the actions he took as acting director of the Consumer Financial Protection Bureau.

Orange County Register, Dec. 20, 2018–Jeff LazersonDodd-Frank empowered the Consumer Financial Protection Bureau to create loan officer compensation rules. The biggest symbiotic blessing for consumers and mortgage brokers is the requirement that mortgage brokers must disclose all back-end lender rebates.

National Mortgage News, Dec. 19, 2018–Allison Bisbey (subscription)The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, DBRS said. But the expansion will primarily benefit providers of PACE for commercial property because residential PACE providers are struggling under new consumer finance protections in California, the biggest PACE market.

National Mortgage News (free content)Consumer Financial Protection Bureau Director Kathy Kraninger has halted efforts to change the name of the agency to the Bureau of Consumer Financial Protection, according to a memo she wrote employees on Wednesday.

HousingWire, Dec. 19, 2018–Jessica GuerinLast month, the Federal Housing Administration revealed that its reverse mortgage program was continuing its detrimental drain on the Mutual Mortgage Insurance Fund. The Urban Institute says the FHA should share more HECM data so that researchers can better assess its risk factors and help stop the bleeding.

Fox Business, Dec. 19, 2018–Ken MartinMortgage applications decreased 5.8 percent from the prior week, according to the Mortgage Bankers Association’s weekly survey for the week ending December 14.

The Hill, Dec. 19, 2018–Jordain CarneyThe Senate approved a seven-week funding bill on Wednesday, preventing a partial government shutdown that was expected to begin on Saturday.