Newsday (N.Y.), Aug. 29, 2017–Zachary R. DowdySen. Chuck Schumer, D-N.Y., will call on his fellow lawmakers in Congress on Tuesday to renew the National Flood Insurance Program as torrential rains and flooding from Tropical Storm Harvey pummel southern Texas.
Category: Top National News
Vultures Begin to Circle Commercial Real Estate
Wall Street Journal, Aug. 29, 2017–Peter Grant (subscription)Investors are raising funds to take advantage of busted condominium projects and other distressed property as a correction shows signs of spreading in parts of the commercial real estate industry.
Most Harvey Flood Victims On Hook to Pay for Home Repairs
Associated Press, Aug. 29, 2017–Bernard Condon, Ken Sweet”There’s going to be a huge uninsured economic loss here,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
Per-Loan Profit Rises Back Above $1,000
National Mortgage News, Aug. 29, 2017–Bonnie Sinnock (subscription)Mortgage companies’ net gain for each loan they originated between April and June rose to $1,122 from $224, according to the Mortgage Bankers Association.
Huge Housing Trade Groups Push FHFA for FICO Alternatives
HousingWire, Aug. 29, 2017–Ben LaneIn a letter sent last week to Federal Housing Finance Agency Director Mel Watt, the Mortgage Bankers Association, National Association of Realtors, the National Association of Home Builders and other groups express their disappointment in Watt, who recently threw cold water on the idea that Fannie and Freddie would begin using alternative credit scoring models at any point in the next two years.
Homeowner’s Lawsuit Says Wells Fargo Charged Improper Mortgage Fees
Reuters, Aug. 29, 2017–Dena AubinFiled on Monday in San Francisco federal court, the lawsuit said Wells Fargo managers pressured employees to blame homeowners for the delays, sometimes by falsely stating that paperwork was missing, so homeowners could be stuck with extra fees.
HUD Announces Changes to Reverse Mortgage Program to Lower Taxpayer Risk
HousingWire, Aug. 29, 2017–Brena SwansonHUD is changing the requirements around its reverse mortgage program, announcing plans on Tuesday to raise premiums and place tighter loan limits.
Mortgage Industry Supports Hurricane Victims
Mortgage Daily, Aug. 29, 2017–Sam GarciaAll around the mortgage industry, primary and secondary lenders are coming to the aid of borrowers impacted by the severe devastation from Hurricane Harvey.
Nearly $1 Billion in GSE Reperforming Loans For Sale
Mortgage Daily, Aug. 29, 2017Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.
MBA Calls on Senate to Confirm Pam Patenaude as HUD Deputy Secretary
HousingWire, Aug. 29, 2017–Ben LaneCiting the important role that HUD plays, especially in times of tragedy, the Mortgage Bankers Association is urging the members of the Senate to confirm Pam Patenaude as deputy secretary of HUD.