Wall Street Journal, Oct. 5, 2017–Ryan Tracy (subscription)The Senate on Thursday approved Randal Quarles for a key banking oversight post on the Federal Reserve Board, marking President Donald Trump’s first imprint on the central bank and his first full-time appointment of a banking regulator.
Category: Top National News
Home Affordability Remains a Serious Challenge
National Mortgage Professional, Oct. 5, 2017–Phil HallThere is good news and bad news on the home affordability, according to new research from ATTOM Data Solutions. The good news is that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 counties analyzed by the company. The bad news, unfortunately, is that affordability was worse off than a year ago in 79 percent of those counties.
CFPB OIG Outlines Areas of Improvement for the Regulator
HousingWire, Oct. 5, 2017–Brena SwansonAs the Consumer Financial Protection Bureau continues to develop, a report from the Office of Inspector General for the Consumer Financial Protection Bureau found some areas the bureau could work on.
In Defense of Adjustable-Rate Mortgages
Bloomberg, Oct. 5, 2017–Megan McArdleThere’s nothing wrong with adjustable-rate mortgages. There, I said it. They’re a perfectly fine financial product. In fact, they’re probably not much better or worse than a fixed-rate loan.
Wells Fargo Executives, Board Must Facee Lawsuit over Fake Accounts, Judge Says
Reuters, Oct. 5, 2017–Jonathan StempelU.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts and misled the public about fraudulent practices at the nation’s third-largest bank.
$50 Million in Mortgages Sold
Mortgage Daily, Oct. 5, 2017The deal was announced Thursday by Mortgage Industry Advisory Corp. New York-based MIAC noted that its whole-loan desk placed the $50 million pool of mortgages.
Mortgage Industry Loses 2 in Las Vegas Shooting
Orange County Register (Calif.), Oct. 5, 2017–Jordan GrahamBrian Fraser, 39, of La Palma, California, was surrounded by family and friends, having the time of his life, and walking toward the stage to hear his favorite Jason Aldean song, Dirt Road Anthem, when he was shot and killed at a Las Vegas country music festival Sunday.
Judge Orders Bank of America to Redo Settlement in Mortgage Dispute
Wall Street Journal, Oct. 5, 2017–Katy Stech Ferek (subscription)The bankruptcy judge handling a dispute between Bank of America Corp. and a California couple who were mistakenly foreclosed on refused to approve a settlement that would end their lawsuit on Wednesday.
Senate GOP Hits Resistance on Estate-Tax Repeal–From Republicans
Wall Street Journal, Oct. 5, 2017–Richard Rubin (subscription)Senate Republicans are running into internal resistance to their proposed repeal of the estate tax, making it a potential casualty of the trade-offs the GOP faces in its effort to overhaul the tax code.
The Rich Are Driving Up the Rent
Bloomberg, Oct. 5, 2017–Patrick ClarkFollowing the Great Recession, the cost of rental housing took a growing bite out of U.S. household budgets, as increasing demand for rental units pushed up prices. Now the share of households considered burdened by high rents is falling, according to a report from New York University’s Furman Center for Real Estate & Urban Policy.