Mortgage Daily, June 22, 2018During the seven days ended June 22, the U.S. Mortgage Market Index from Mortgage Daily, which is not adjusted for seasonal factors, retreated 15 percent from the preceding week to 117.
Category: Top National News
CEO of Busted Subprime Lender Now Seeding Mortgage-Related Startups
Wall Street Journal, June 23, 2018–Julie Wernau (subscription)Brad Morrice’s firm, New Century Financial Corp., was the first major subprime lender to go bankrupt in 2007.
Persuading Reluctant Sellers
UExpress, June 22, 2018–Lew SichelmanOne of the main reasons for the lack of homes for sale is that people don’t want to give up their low-interest-rate mortgages. Another reason for the low inventory: Folks are leery about being able to find a suitable place to replace the one they have now.
CFPB Structure Unconstituional, Says NY Judge
MReport, June 21, 2018–Rachel WilliamsA New York Judge ruled that the Bureau of Consumer Financial Protection is unconstitutional on Thursday, largely conflicting a ruling in January by a nine-member panel of the U.S. Court of Appeals in Washington.
New Commissioner, Same Uncertainty About FHA Premiums
National Mortgage News, June 21, 2018–Hannah Lang (subscription)FHA needs to ensure the Mutual Mortgage Insurance Fund is “healthily above the statutory minimum,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
Mortgage Rates Move Lower for the Third Time in a Month
Washington Post, June 21, 2018–Kathy OrtonIt seems to happen every time the Federal Reserve raises short-term interest rates. The expectation is that mortgage rates will also rise. But one week after the central bank’s rate increase, home loan rates went down.
Biggest Banks Pass Fed’s Stress Tests
New York Times, June 21, 2018–Matt Phillips, Jim TankerslyThe results of the first phase of the Fed’s annual “stress tests” showed that the country’s banks have more than enough capital to survive the combination of a recession, cratering of housing prices and double-digit unemployment.
Massive Gov Overhaul Impacts USDA Rural Housing
Mortgage Daily, June 21, 2018A comprehensive consolidation of the federal government being proposed by the White House would have administration of the program transferred from the USDA to HUD.
2017, 2019 Mortgage Lending Estimates Increased
Mortgage Daily, June 21, 2018Freddie Mac revised up its 2017 mortgage origination results and upped its 2019 forecast.
White House Pushes Surprise Fannie-Freddie Reform Plan, But is it Workable?
National Mortgage News, June 21, 2018–Joe Adler, Hannah Lang (subscription)The Trump administration proposed Thursday to rip off the Band-Aid from Fannie Mae and Freddie Mac, ending conservatorship of the mortgage giants and leaving them to raise their own capital in the private market. But the plan raises a whole host of questions and left many wondering whether it could advance.