Category: Top National News

Wall Street Journal, Oct. 16, 2018–Kate Davidson (subscription)President Trump reiterated his complaints that the Federal Reserve is raising short-term interest rates too fast, calling the U.S. central bank “my biggest threat,” expressing displeasure with Fed Chairman Jerome Powell.

Mortgage Daily, Oct. 15, 2018Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, while refinances suffered least, according to the Mortgage Daily U.S. Mortgage Market Index for the week ending Oct. 12.

National Mortgage Professional, Oct. 15, 2018–Rick GrantWe sat down with MBA President and CEO Robert Broeksmit to find out more about what he brings to this position and where he hopes to lead the mortgage business from here.

Wall Street Journal, Oct. 15, 2015–Yuka Hayashi (subscription)Mick Mulvaney, the Consumer Financial Protection Bureau’s acting director, said Monday the bureau is working on a regulation defining how it views unfair, deceptive or abusive acts or practices, known as UDAAP. (MBA mention)

HousingWire, Oct. 15, 2018–Caroline BasileA relatively quiet day at the Mortgage Bankers Association’s annual convention was disrupted by dozens of Wells Fargo protestors. The protestors descended upon the main lobby and concourse of the Walter E. Washington Convention Center for nearly 10 minutes on late Monday afternoon.

HousingWire, Oct. 15, 2018–Ben LaneCraig Phillips, Department of the Treasury Secretary Steven Mnuchin’s top housing advisor, told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac.

National Mortgage News, Oct. 15, 2018–Hannah Lang (subscription)FHA is planning to streamline its single-family loan servicing requirements in order to align them with industry standards. These efforts are part of the Trump administration’s objective to ease regulatory burdens, said FHA Commissioner Brian Montgomery during a speech at the Mortgage Bankers Association’s annual conference Monday.

CNN, Oct. 15, 2018–Lydia DePillisSpeaking to the annual Mortgage Bankers Association convention here, former Federal Reserve Chair Janet Yellen said she has confidence in her Trump-appointed successor, Jerome Powell, and that she didn’t believe Trump’s comments last week describing recent moves to raise interest rates as “loco” would impact Fed policy.

Mortgage Daily, Oct. 15, 2018Bank of America’s third-quarter income before income taxes climbed to $9.0 billion from $7.6 billion during the same three months in 2017, according to earnings data released Monday.

Bloomberg, Oct. 15, 2018–Lakshman AchuthanDespite a robust U.S. economy, at least as measured by gross domestic product, real home price growth is locked in a cyclical downturn. If that’s not bad enough, it will likely get worse based on the same approach and factors that correctly flagged the housing bust–in real time–in early 2006.