Category: Top National News

National Mortgage News, Sept. 29, 2017–Ian McKendry (subscription)The U.S. Chamber of Commerce along with 13 other business associations and five financial trade associations filed a lawsuit Friday against the Consumer Financial Protection Bureau, arguing that its rule banning mandatory arbitration agreements harms consumers.

HousingWire, Sept. 29, 2017–Ben LaneMorgan Stanley is nearing the end of its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year.

Mortgage Daily, Sept. 29, 2017Residential Home Funding Corp. was approved by the Federal Housing Administration as a direct endorsement lender from 2006 until 2012. But the White Plains, New York-based mortgage banking organization is accused of failing to maintain a compliant quality-control program.

Mortgage Daily, Sept. 29, 2017Single-family performance at Fannie Mae is better than it’s been in nearly a decade. Meanwhile, the manged portfolio continued to grow.

Bloomberg, Sept. 29, 2017–Agnel PhilipConcern over the fallout from a pair of late-summer hurricanes caused U.S. consumer sentiment to dip in September, though Americans remain relatively optimistic about the direction of the economy, a University of Michigan survey showed Friday.

Los Angeles Times, Sept. 28, 2017–James F. PeltzPaulino do Rego Barros Jr., who was named interim CEO after Richard Smith abruptly stepped down as chief executive Tuesday, publicly apologized for the credit-reporting company’s poor response to concerns about a massive data breach, and–facing ongoing public backlash–he offered some additional remedies to consumers.

Washington Post, Sept. 28, 2017–Kathy OrtonFixed mortgage rates’ upward climb stalled this week as weak housing data put a damper on investors’ enthusiasm. Mortgage Bankers Association Economist Joel Kan said rates increased to their highest levels in nearly a month “following a relatively hawkish Fed statement last week.”

Business Insider, Sept. 28, 2017–Rachael Levy The world’s largest hedge fund told clients that the Federal Reserve is making a mistake by raising interest rates.

World Property Journal, Sept. 28, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s Commercial/Multifamily Mortgage Debt Outstanding Report, total U.S. commercial and multifamily mortgage debt outstanding rose to $3.06 trillion at the end of the second quarter, as three of the four major investor groups increased their holdings.

National Mortgage News, Sept. 28, 2017–Lalita Clozel (subscription)As heads continue to roll in the wake of the Equifax breach, Rep. Patrick McHenry, R-N.C., said his bill would be a step up from how lenders currently verify a potential borrower’s financial data.