Category: Top National News

Dayton Daily News (Ohio), Feb. 1, 2018–Thomas GnauThe National Fair Housing Alliance, with 19 fair housing organizations, iled a lawsuit Thursday in federal court against Deutsche Bank, Deutsche Bank National Trust, Deutsche Bank Trust Company Americas, Ocwen Financial Corp. and Altisource Portfolio Solutions Inc., for allegedly neglecting foreclosed and bank-owned homes in minority neighborhoods.

Crain’s Detroit Business, Feb. 1, 2018–Chad LivengoodQuicken Loans reported Thursday that it originated $25 billion in home loans in the last three months of 2017, while Wells Fargo reported $23 billion in residential mortgages for the quarter. Bank of America Corp. and JPMorgan Chase & Co. trailed behind at $13 billion and $11 billion, respectively.

Wall Street Journal, Feb. 1, 2018–Ryan Tracy (subscription)The Federal Reserve said Thursday that its stress tests for big banks will imagine a more severe economic downturn in 2018 than in last year’s version, as it announced the details of the hypothetical scenario banks must survive to pass the exams.

National Mortgage News, Feb. 1, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney has stripped the agency’s fair lending office of enforcement powers in a sign that many consumer advocates see as trying to reduce oversight and penalties for firms that discriminate against borrowers.

City Lab, Feb. 1 ,2018–Richard FloridaA new study says the continuing low density of inner suburbs is a major cause of the housing crisis–and a potential solution.

American Banker, Jan. 31, 2018–Kate Berry (subscription)A federal appeals court handed a major victory – and a significant defeat – to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency’s practice of making new interpretations of law through enforcement actions.

Reuters, Jan. 31, 2018–Richard LeongRising borrowing costs are dampening U.S. refinancing activity, with its weekly share of mortgage applications falling to the lowest level since August, the Mortgage Bankers Association said on Wednesday.

National Mortgage News, Jan. 31, 2018–Bonnie Sinnock (subscription)Sustained higher rates could extend the lives of existing mortgages, creating a growing workload for servicers, according to industry vendor Subsequent QC.

Bloomberg, Jan. 31, 2018–Joe LightThe draft, the result of discussions between Tennessee Republican Bob Corker and Virginia Democrat Mark Warner, gives the clearest view yet into how the senators aim to woo progressive politicians to back their plan for addressing mortgage-giants Fannie Mae and Freddie Mac. Support from those Democrats is likely needed to meet the 60-vote threshold for passing major bills in the Senate.

Bloomberg, Jan. 31, 2018–David M LevittAmerica may never recover its glory as a manufacturing powerhouse, but the Brooklyn Navy Yard is doing what it can, transforming itself from a 20th-century warship builder to a 21st-century high-tech hub.