HousingWire, Aug. 1, 2018Mordi was the mortgage industry’s lead tax policy expert during a once-in-a-generation tax reform after the financial meltdown in 2007. She spearheaded a large effort across the industry to review the large, fast-changing legislation to ensure real estate finance came out ahead. Without her leadership, the industry would be in a decidedly worse place.
Category: Top National News
Arch Regains Top Market Share Among Mortgage Insurers
National Mortgage News, Aug. 1, 2018–Brad Finkelstein (subscription)Arch MI U.S. returned to having the No. 1 market share among private mortgage insurers as it increased its new insurance written 15% over the previous year.
U.S. Factory Activity Slows; Private Payrolls Increase
Reuters, Aug. 1, 2018–Lucia MutikaniU.S. manufacturing activity slowed in July amid signs that a robust economy and import tariffs were putting pressure on the supply chain, which could hurt production in the long term.
Wells Fargo Reaches $2 Bil Subprime RMBS Settlement
Mortgage Daily, Aug. 1, 2018More than two years after revealing a government investigation into how it handled sales of subprime residential mortgage-backed securities, Wells Fargo & Co. has agreed to a more than $2 billion settlement.
Acquisition of Nationstar Completed
Mortgage Daily, Aug. 2, 2018The previously announced acquisition of Nationstar Mortgage Holdings Inc. by the former parent of failed Washington Mutual Bank is now complete.
Wells Fargo’s $2B Settlement May Mark End of Crisis-Era RMBS Woes
National Mortgage News, Aug. 1, 2018–Kristin Broughton (subscription)The beleaguered bank’s $2.09 billion settlement stemmed from crisis-era mortgage problems, rather than revelations of new issues at Wells that could have sparked a regulatory backlash or probe that might cause headaches for other banks.
Panel Vote on CFPB Nominee Delayed as Senate Plans Recess
American Banker, Aug. 1, 2018–Neil Haggerty (subscription)The Senate Banking Committee is postponing its vote on Kathy Kraninger’s nomination to be the director of the Consumer Financial Protection Bureau as the Senate moved to adjourn for a short recess on Wednesday.
Saying Economy Is Strong, Fed Keeps Interest Rates Unchanged For Now
NPR, Aug. 1, 2018–Chris ArnoldThe Federal Reserve on Wednesday held off on raising its key interest rate, which plays a role in loans to consumers and businesses.
Young People Don’t Want Construction Jobs. That’s a Problem for the Housing Market
Wall Street Journal, July 31, 2018–Laura Kusisto (subscription)The construction business is having trouble attracting young job seekers. The share of workers in the sector who are 24 years old or younger has declined in 48 states since the last housing boom in 2005. Disinterest in construction work is contributing to a labor shortage that has meant fewer homes built and rising prices–possibly for years to come.
Defect Risk for Mortgages Improving in Almost All Areas
National Mortgage News, July 31 2018–Bonnie Sinnock (subscription)Loan defect risk rose in only three states and a handful of metropolitan regions in June thanks to the continuing spread of digital mortgage initiatives that improve data quality.