HousingWire, July 18, 2018–Kelsey RamirezTuesday night, the House of Representatives passed a massive piece of bipartisan legislation that some are calling the “cherry on top” of President Donald Trump’s Dodd-Frank rollback.
Category: Top National News
MGIC Still Benefiting from Favorable Mortgage Loan Loss Trends
National Mortgage News, July 18, 2018–Brad Finkelstein (subscription)Continued favorable loss development trends allowed MGIC Investment Corp. to beat analyst estimates in its second-quarter earnings report.
Originations Up at US Bank, Further Gain Likely
Mortgage Daily, July 18, 2018Quarterly home-lending volume moved up at U.S. Bancorp and appears to be headed even higher. As corporate income rose, mortgage earnings were lower. The mortgage servicing portfolio contracted.
MSRs For Sale On Over $2 Bil in Agency Loans
Mortgage Daily, July 18, 2018The offering includes mortgage-servicing rights on 14,112 single-family loans from Fannie Mae and Freddie Mac that collectively had an unpaid principal balance of $2.106 billion as of May 31.
House Bill Would Reform and Extend Flood Insurance Program
National Mortgage News, July 18, 2018–Hannah Long (subscription)The package of eight bills would keep the program running through Nov. 30. It also would include “common sense reforms” to improve flood mapping loss mitigation efforts that have previously passed in the House, according to a press release announcing the bill.
Consumer Bureau Nominee Could Face ‘Bumpy Ride’ Over Lack of Experience
New York Times, July 18, 2018–Alan RappeportAfter years of working as a career bureaucrat and congressional staff member, Kathleen Kraninger will take a seat in the spotlight when senators from both parties examine her credentials to lead the Consumer Financial Protection Bureau, an agency beloved by Democrats and excoriated by Republicans since its inception seven years ago.
Appeals Court Finds FHFA Structure Unconstitutional
DS News, July 17, 2018–Radhika OjhaThe shareholders contended that the Treasury and the Federarl Housing Finance Agency exceeded their statutory authority under the Housing and Economic Recovery Act of 2008 and challenged an agreement between the FHFA as conservator to Fannie Mae and Freddie Mac and the Treasury Department.
Fed’s Powell: Gradual Rate Hikes Likely But Trade Fights are Starting to Hurt the Economy
USA Today, July 17, 2018–Paul DavidsonFederal Reserve Chairman Jerome Powell said Tuesday the central bank plans to continue raising interest rates gradually amid a solidly growing economy and rising inflation but acknowledged the widening negative effects of U.S. trade skirmishes with other countries.
Nationstar Mortgage Plans More Cost Cuts Ahead of WaMu Acquisition
National Mortgage News, July 17, 2018–Bonnie Sinnock (subscription)A new round of expense reductions is getting underway at Nationstar Mortgage as the company moves toward its acquisition by WMIH Corp., a shell company holding Washington Mutual legacy businesses.
Four States Sue Federal Government over GOP Property Tax Law Changes
HousingWire, July 17, 2018–Ben LaneFollowing through on a threat made in January, New York, Connecticut, Maryland, and New Jersey are suing the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year.