National Mortgage News, Feb. 2, 2018–Ian McKendry (subscription)Housing finance reformers are pushing full steam ahead to get a bill introduced before the political calendar makes passage nearly impossible.
Category: Top National News
Lawsuit to Block Mulvaney from Leading CFPB is Dismissed
Reuters, Feb. 2, 2018–Jonathan StempelA judge has dismissed a lawsuit by a federal credit union in Manhattan that sought to block U.S. President Donald Trump from installing Mick Mulvaney as acting director of the Consumer Financial Protection Bureau.
U.S. Student-Loan Program Losing Money as Borrowers Seek Debt Forgiveness
Wall Street Journal, Feb. 2, 2018–Josh Mitchell (subscription)The U.S. student-loan program is rapidly headed toward becoming a net cost to the federal government, reversing years of projected profits, according to a government report released Friday.
Senate Bill Would Reverse FHFA Ruling Barring ‘Captive Insurers’ from FHLB Membership
Mortgage Orb, Feb. 2, 2018–Patrick BarnardA bill introduced in the Senate would reverse a 2016 ruling from the Federal Housing Finance Agency to disallow captive insurance companies from membership in the Federal Home Loan Bank System. David Stevens, president and CEO of the Mortgage Bankers Association, expressed support for the bill.
Top Executive at Richmond-Based SunTrust Mortgage is Retiring
Richmond Times-Dispatch (Va.), Feb. 2, 2018–John Reid BlackwellDorinda Smith will step down as executive vice president and head of mortgage on March 31, Atlanta-based SunTrust Banks Inc. announced Friday. Succeeding her will be a newcomer to the company, Todd Chamberlain, who is joining SunTrust from Regions Bank.
Yellen Says Prices `High’ for Stocks, Commercial Real Estate
Bloomberg, Feb. 4, 2018–Ros Krasny, Scott LanmanOutgoing Federal Reserve Chair Janet Yellen said U.S. stocks and commercial real estate prices are elevated but stopped short of saying those markets are in a bubble.
Key to the Wells Fargo-Fed Deal: Holding Directors Accountable
New York Times, Feb. 4, 2018–Emily Flitter, Binyamin Applebaum, David EnrichAfter three weeks of frenzied negotiations, a deal was announced on Friday night that represented a milestone in the evolving relationship between regulators and banks. Wells Fargo, one of the country’s largest banks, was banned from getting bigger until it can convince regulators that it has cleaned up its act.
Mortgage Staffing Expands as U.S. Jobs Report Strong
Mortgage Daily, Feb. 2, 2018In the mortgage industry, which is reported on a one-month lag, there were 341,500 non-bank jobs as of December 2017. Home-lending jobs expanded from a downwardly revised 338,800 a month earlier and a downwardly revised 333,400 a year earlier.
Mortgage Biz Up, ARM Activity Soars to 3-Yr High
Mortgage Daily, Feb. 2, 2018As mortgage activity increased last week, a surge was recorded for adjustable-rate mortgage business — which leapt to the highest level in more than three years thanks to rising fixed rates.
Sometimes the Animals Come With the House
UExpress, Feb. 2, 2018–Lew SichelmanThe rule of conveyances is fairly simple: If it is attached to the house, it is considered a fixture and it stays for the next owner. If it isn’t attached, the sellers can take it with them when they move out. In other words, you can take the curtains, but not the rods. But what if the issue involves animals?