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.
Category: Top National News
IRS Bill Could Reduce Need for Equifax, Other Credit Bureaus
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.
Housing, Meet Your Next Homebuyers–Generation Z
HousingWire, Sept. 28, 2017–Kelsey RamirezThe Zillow Group Report on Consumer and Housing Trends 2017 shows this new generation now makes up more than 21% of the U.S. population, and is the most ethnically and racially diverse generation in our history. And they are beginning to enter the housing market–as renters.
House Passes Flood Insurance Bill, Senate Says No Thanks
National Mortgage News, Sept. 28, 2017–Brian Collins (subscription)The House passed a bill Thursday to make it easier for homeowners to obtain private flood insurance policies not provided directly through the National Flood Insurance Program. But moments later, the Senate declined to move the bill.
More Americans Are Falling Behind on Student Loans, and Nobody Quite Knows Why
Bloomberg, Sept. 28, 2017–Shahien NasiripourMore student debtors are falling behind on their federal student loans, after three years of declines in late payments-and with no clear explanation, experts aren’t sure whether to take it as a sign of distress or a temporary blip.
House Report on CFPB’s Wells Fargo Investigation is No Smoking Gun
American Banker, Sept. 28, 2017–Kate Berry (subscription)A GOP report on the Consumer Financial Protection Bureau’s Wells Fargo investigation appears aimed at providing more ammunition for potentially ousting Director Richard Cordray, but its impact will likely be limited, observers say.
Fannie Mae and Freddie Mac and the Need for Reform
American Action Forum, Sept. 28, 2017–Meghan MilloyAs Fannie and Freddie move toward zero retained capital and a heightened possibility of another draw on the Treasury, it is more important than ever that real, substantive reforms be made to the GSEs.
Mortgage Servicing, Originations Rise at loanDepot
Mortgage Daily, Sept. 28, 2017The mortgage servicing portfolio grew at loanDepot LLC. Home-lending activity was also up on a quarter-over-quarter basis but down on a year-over-year basis.
Fixed Mortgage Rates Hold, Could Climb
Mortgage Daily, Sept. 28, 2017–Sam GarciaFixed mortgage rates were unchanged this past week, though they could be elevated in the next report. Interest rates on hybrid adjustable-rate mortgages did rise.
Cohn: ‘People Don’t Buy Homes Because of the Mortgage Deduction’
The Hill, Sept 28, 2017–Naomi JagodaWhite House National Economic Council Director Gary Cohn on Thursday pushed back against criticism that Republicans’ tax plan could hurt the real-estate market, saying, “People don’t buy homes because of the mortgage deduction.”