American Action Forum, Sept. 29, 2017–Douglas Holtz-EakinThe author states: “It is far past time for Congress to take on housing finance reform. It is a truly bipartisan issue, has large consequences for the growth of the economy and welfare of the middle class, and thus should be at the top of the policy agenda.”
Category: Top National News
Bankers Anxious over Consumer Reactions to Equifax Breach
Reuters, Sept. 29, 2017–David Henry, Ross KerberU.S. lenders are concerned their consumer loan and credit card businesses could be stymied if large numbers of people lock or freeze their credit reports to protect themselves in the wake of the Equifax Inc. hack.
U.S. Chamber, Banking Groups Sue over CFPB Arbitration Rule
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.
Morgan Stanley Closing In on $400 Million in Consumer Relief for Mortgage Bond Settlement
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.
FHA Mortgagee Settles for Over $1 Million
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.
Decade Low Delinquency at Fannie as Book Expands
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.
U.S. Consumer Sentiment Cools as Storms Deliver Hit to Outlook
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.
Equifax Interim CEO Apologizes to Consumers after Data Breach
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.
Mortgage Rates, Applications Stall as Housing Market Stumbles
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.”
The World’s Largest Hedge Fund Told Clients That The Fed is Making a Mistake
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.