HousingWire, June 19, 2018–Ben LaneWells Fargo must face a lawsuit brought against the bank by the city of Oakland, Calif., which sued the bank in 2015 for allegedly steering minority borrowers into higher-cost loans.
Category: Top National News
Warren Threatens Hold on CFPB Director Nomination
National Mortgage Professional, June 19, 2018–Phil HallSen. Elizabeth Warren, D-Mass., said she would put a hold on the nomination of Kathy Kraninger to become the next Director of the Consumer Financial Protection Bureau, saying Kraninger “has no track record of helping consumers.”
Florida Officials Approve Plan to Build Largest U.S. Mall
Wall Street Journal, June 19, 2018–Esther Fung (subscription)At a time when store closures are accelerating and struggling malls pockmark the country, county commissioners in Florida have approved a plan to build what would be the largest mall in the U.S. American Dream Miami would also be the most expensive mall ever built.
Trump’s CFPB Choice Faces Uphill Battle–And That’s Part of the Plan
National Mortgage News, June 18, 2018–Kate Berry (subscription)President Trump’ choice of Kathy Kraninger to head the Consumer Financial Protection Bureau is already in trouble–and that may be just fine with the White House.
In the Pipeline: Only One Thing Can Stop Multifamily’s March
HousingWire, June 18, 2018–Jeremiah JensenMultifamily real estate is proving itself to be a rock-solid investment, and as the economic cards fall in favor of the asset class, its strong fundamentals are cementing into place and turning it into a nearly unstoppable barge of respectable returns on investment. But will the good vibes last?
Union Home Mrtgage Culture Maintained Amid Growth
The Plain Dealer (Cleveland), June 18, 2018–Ginger ChristUnion Home Mortgage Corp. may have experienced massive growth in recent years but remains committed in the company culture it has invested in for decades.
Q3 Refi Outlook Raised
Mortgage Daily, June 18, 2018The Mortgage Bankers Association raised the third-quarter outlook by $12 billion from last month.
Waters Calls for Stricter Oversight of Mortgage Servicers
ReverseMortgageDaily, June 18, 2018–Alex SpankoA bill introduced by Rep. Maxine Waters on Monday would bring greater oversight to servicers of single-family home loans, in response to what the California Democrat has called “bad behavior” from players in the industry.
Mulvaney Likely to Stick Around at the CFPB for a While
Wall Street Journal, June 19, 2018–Yuka Hayashi (subscription)Mick Mulvaney could be around for a while as the acting chief of the Consumer Financial Protection Bureau, despite the Trump administration’s move to nominate a permanent successor.
Pessimism Permeates Nationwide Housing Forecast
National Mortgage Professional, June 18, 2018–Phil HallFor the first time this decade, Nationwide’s Leading Index of Healthy Housing Markets, a forward-looking measure of housing market sustainability, is not forecasting a positive outlook.