Politico, Oct. 13, 2017–Lorraine WoellertThe Mortgage Bankers Association said it is open to a rewrite of homeowner tax breaks as part of a broader reform package, adding to the political momentum in support of a mortgage tax credit.
Category: Top National News
MBA’s Stevens Expresses Concern on Cutting Section 1031 from Tax Code
National Mortgage Professional, Oct. 13, 2017–Phil HallMBA President and CEO David Stevens, CMB, said many mortgage professionals were concerned over the potential limiting or eliminating of tax code provisions including the continued deductibility of business interest and the preservation of Section 1031 like-kind exchanges for investment real estate.
Mortgage Bankers Support Republican Tax Plan
Washington Examiner, Oct. 13, 2017–Joseph LawlerThe Mortgage Bankers Association have given a thumbs-up to the Republican tax reform framework, another indication that the GOP tax push so far is avoiding outright opposition from the important housing sector.
Wells Fargo Revises Expense Outlook, Signaling Profit Difficulties Ahead
Reuters, Oct. 13, 2017–Dan Freed, Sweta SinghWells Fargo & Co management signaled on Friday that the bank may struggle to hit expense targets through next year, raising questions about how much a sales scandal is weighing on the bottom line.
Mortgage Guidelines Could be Twice as Loose and it Still Wouldn’t be 2007 Again
Mortgage News Daily, Oct. 13, 2017–Jann SwansonSignificant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be within the pre-crisis (2001-03) standard of 12.5 percent for the whole mortgage market.
The Political Color Chart: More People Moving to Blue Counties
National Mortgage Professional, Oct. 13, 2017–Phil HallThe nation’s political environment seems to be impacting its housing markets, according to a new data analysis from Redfin.
BofA Beefs up Rep and Warrant Reserves Ahead of Mortgage Settlement
National Mortgage News, Oct. 13, 2017 (subscription)Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.
38 States Call on Experian and TransUnion to Drop Credit Freeze Fees in Wake of Equifax Breach
HousingWire, Oct. 13, 2017–Ben LaneEarlier this week, the attorneys general for 38 states sent letters to Experian and TransUnion, calling on the credit reporting agencies to stop charging consumers to freeze their credit. Each state has different rules around credit freezes, but in some states, it costs $10 to place a credit freeze on their account and another $10 if they want to lift the freeze.
What Is the True Number of Store Closings for 2017?
National Real Estate Investor, Oct. 13, 2017–Donna Mitchell The two schools of thought on retail store closures seem very far apart.
Equifax’s Grip on Mortgage Data Squeezes Smaller Rivals
New York Times, Oct. 13, 2017–Gretchen MorgensonLike it or not, when you apply for a home mortgage or to refinance an existing loan, Equifax will be a part of the process.