Sky News, Aug. 6, 2018–Abid AliHSBC has agreed to pay $765 mmillion to the U.S. Department of Justice to settle a probe into the sale of mortgage-backed securities in the run-up to the financial crisis.
Category: Top National News
Investigating the Investigator: Fannie-Freddie Watchdog Under Scrutiny
Politico, Aug. 2, 2018–Lorraine Woellert, Katy O’DonnellLaura Wertheimer, inspector general for the Federal Housing Finance Agency, is under investigation for misconduct after complaints that she bowed to pressure from the agency’s director, Mel Watt, to weaken her office’s oversight.
Nonbank Mortgage Employment Rises Despite Home Sales Constraints
National Mortgage News, Aug. 3, 2018–Bonnie Sinnock (subscription)Employment by nondepository mortgage companies in June increased for the third consecutive month as seasonal hiring continued even though home resales inched down another notch.
Former Lehman Unit Fined for Fraud
Denver Post, Aug. 3, 2018–Donovan HendersonAurora Loan Services LLC will pay a $41 million fine for what the U.S. Attorney says were fraudulent loans from 2004 to 2008 under an agreement with the government announced Thursday.
Mortgage Rates Reach Highest Level in Nearly Two Months
Washington Post, Aug. 2, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.6 percent with an average 0.4 point, its highest level in nearly two months.It was 4.54 percent a week ago and 3.93 percent a year ago. (MBA mention)
Veteran Against Veteran: A New Battle on Capitol Hill Pits Agent Orange Funding Against Low-Cost Mortgages
MarketWatch, Aug. 2, 2018–Andrea RiquierThe Mortgage Bankers Association put it this way in their own letter: “we firmly believe that mortgage borrowing costs should not be increased to pay for non-housing-related expenditures. The loan fees charged to veterans should reflect the credit risk associated with the VA guaranty, and any fee increases that are unrelated to this risk unnecessarily raise the cost of mortgage credit for veterans.”
Xome Buys Assurant’s Mortgage Unit a Day After WHIH Deal Closes
National Mortgage News, Aug. 2, 2018–Brad Finkelstein (subscription)Xome acquired Assurant’s Mortgage Solutions unit one day after its parent company Nationstar was bought by the shell company of the former Washington Mutual.
Relief from HMDA Requirements May Go Further than Banks Realize
National Mortgage News, Aug. 2, 2018–Rachel Witkowski (subscription)Federal reporting requirements for mortgage data have been a moving target in recent years. Just as one set of policymakers expands reporting rules, another eases them. But bankers are starting to see more signs of clarity.
Fannie Mae Reports Income of $4.5 Billion in Q2
HousingWire, Aug. 2, 2018–Alcynna LloydFannie Mae reported income of $4.5 billion in the second quarter, primarily driven by an increase in credit-related income due to the redesignation of loans from held-for-investment to held-for-sale.
New American Schooling LOs in Social Media
Mortgage Daily, Aug. 2, 2018New American Funding is rolling out a social media training program for its mortgage originators that it says will make them “social marketing geniuses.”