HousingWire, Nov. 1, 2017–Kelsey RamirezDuring a wide-ranging discussion about the government’s role in housing, Vice President Mike Pence’s chief economist Mark Calabria revealed Wednesday that the Trump administration is “committed” to ending the conservatorship of Fannie Mae and Freddie Mac.
Category: Top National News
Record Business, Earnings at NMI
Mortgage Daily, Nov. 1, 2017Quarterly pre-tax income and quarterly new business each ascended to the highest level ever at NMI Holdings. In addition, the book of business grew.
Trump to Tap Fed’s Jerome Powell for Fed Chairman
Wall Street Journal, Nov. 1, 2017–Kate Davidson, Peter Nicholas, David Harrison (subscription)The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank.
Ocwen Switches Servicing Systems Per Consent Orders
Mortgage Daily, Nov. 1, 2017Ocwen Financial Corp.’s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.
Trump Signs Resolution Killing CFPB Arbitration Rule
National Mortgage News, Nov. 1, 2017–John Heltman (subscription)President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau’s arbitration rule, killing the regulation that was unpopular with banks and other financial institutions.
U.S. Factory Activity Eases Off 13-1/2 Year High
Reuters, Nov. 1, 2017–Lucia MutikaniThe Institute for Supply Management said its index of national factory activity slipped to a reading of 58.7 last month from 60.8 in September, which was the highest since May 2004.
GOP Rep. Jeb Hensarling to Retire After End of Current Term
The Hill, Oct. 31, 2017–Sylvan LaneHensarling, R-Texas, chairman of the House Financial Services Committee, will be forced to step down after three terms leading the panel due to GOP rules.
Association Releases 2018 Forecast
Mortgage Professional America, Oct. 31, 2017Commercial and multifamily originations are expected to increase by the end of 2017 before tem, the Mortgage Bankers Association said.
Connecticut Lone State to See Improvement in Mortgage ‘Defects’
CTPost (Conn.), Oct. 31, 2017–Alexander SouleIn September, Connecticut was the lone state in the nation to see a decline in borrowers misrepresenting facts on mortgage loan applications, according to First American Financial Corp.
Freddie Mac Expects Hurricane Losses, But Still Reports $4.7B Profit
National Mortgage News, Oct. 31, 2017–Brian Collins (subscription)A private-label securities settlement, portfolio asset sales and greater interest among smaller lenders helped Freddie Mac compensate for potential losses stemming from the catastrophic hurricane season, the mortgage giant said Tuesday.