Mortgage Daily, Oct. 4, 2017Freddie Mac disclosed Wednesday that it sold 3,514 single-family loans with a collective unpaid principal balance of $817 million through a seasoned loan structured transaction.
Category: Top National News
This Lender Will Now Help Mortgage Borrowers Crowdfund their Down Payment
MarketWatch, Oct. 5, 2017–Jacob PassyPrivately held mortgage banking firm CMG Financial has launched HomeFundMe–a pilot crowdfunding service that’s the first to receive approval from Fannie Mae and Freddie Mac.
CFPB Gives More Time to Reach Troubled Borrowers in Servicer Rule Revision
National Mortgage News, Oct. 4, 2017–Kate Berry (subcription)In an interim rule, the Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to send early intervention notices to distressed borrowers who have asked not to be contacted about collection of their debts.
Waters’ Bill Gives Power to Fed to Shut Down Megabanks
HousingWire, Oct. 4, 2017–Kelsey RamirezRanking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.
Economic Consensus Masks Many Uncertainties
Commercial Property Executive, Oct. 4, 2017–Paul FiorillaWhile economists foresee little chance of a recession in the near term, potential policy changes could affect the U.S. economy and commercial real estate values.
Homebuyers Rush to Riskier Mortgages as Home Prices Heat Up
CNBC, Oct. 3, 2017–Diana OlickHome prices are heating up yet again, and that is sending more potential buyers looking for ways to afford a monthly mortgage payment.
Watt Suggests GSEs Need to Hold on to Some Capital, Urges Congress to Act on Housing Reform
HousingWire, Oct. 3, 2017–Brena SwansonFederal Housing Finance Agency Director Mel Watt once again pressed Congress on the urgent need for housing finance reform due to the looming deadline of the government-sponsored enterprises’ capital buffer timeline.
Wells Fargo CEO Defends Leadership in Heated Senate Appearance
Reuters, Oct. 3, 2017–Patrick Rucker, Dan FreedSenators grilled Wells Fargo & Co. Chief Executive Tim Sloan on Tuesday about what he had done to change the bank’s culture after a sales practices scandal erupted last year, with one senior Democratic lawmaker calling for his ouster.
Lawmakers Berate Former Equifax CEO Over Huge Data Breach
New York Times, Oct. 3, 2017–Tara Siegel Bernard, Stacy CowleyMembers of Congress tore into Equifax on Tuesday, berating the company’s former chief executive for a breach of its computer systems that potentially exposed the sensitive personal information of more than 145 million Americans.
Private Flood Insurance Bill Avoids Costs of Floodplain Management
National Mortgage News, Oct. 3, 2017–Brian Collins (subscription)While lawmakers appear eager to help develop private flood insurance as an alternative to the federal program, some are worried that private policies won’t help support flood mapping and the enforcement of flood codes.