Category: Top National News

Mortgage Daily, Sept. 20, 2017On Wednesday, the Consumer Financial Protection Bureau issued a final rule amending the Equal Credit Opportunity Act. It also finalized other amendments to Regulation B, which implements ECOA, and its commentary to facilitate compliance with Reg B’s requirements for collection and retention of information.

HousingWire, Sept. 20, 2017–Ben LanePeter Cash Doye, a senior executive at the real estate investment firm known both as Conix and Variant Commercial Real Estate, and Raquel Reid, a real estate broker and notary public, allegedly defrauded multiple lenders into making sizable loans against four multi-million dollar mansions in La Jolla and Del Mar.

Wall Street Journal, Sept. 20, 2017–Dave Michaels (subscription)The Securities and Exchange Commission disclosed Wednesday that hackers penetrated its electronic system for storing public-company filings last year and may have traded on the information.

National Mortgage News, Sept. 20, 2017–John Heltman (subscription)Federal Reserve Chair Janet Yellen strongly hinted that more regulatory penalties against Wells Fargo may be forthcoming related to its phony-accounts scandal, saying its activities were beyond the pale.

The Real Deal New York, Sept. 19, 2017–Konrad PutzierNine months after agreeing to a $7.2 billion settlement with U.S. regulators, Deutsche Bank is on top of the New York City real estate lending world.

Wall Street Journal, Sept. 19, 2017–Ezequiel Minaya (subscription)Progressive Corp. swung to a loss in August, the company reported Tuesday, with Hurricane Harvey more than tripling the insurer’s catastrophe losses in the period compared to last year.

National Mortgage News, Sept. 19, 2017–Bonnie Sinnock (subscription)A mortgage investors’ group is calling for Freddie Mac to change policies related to how delinquencies from recent storms affect certain credit risk transfer securities.

Bloomberg, Sept. 19, 2017–Elizabeth DexheimerAs a Barack Obama appointee who supports tough bank regulation, Richard Cordray was never going to be popular in a federal government controlled by Republicans. But Cordray is proving effective at driving state GOP officials crazy too over his refusal to say whether he will step down as director of the controversial Consumer Financial Protection Bureau to run for governor of Ohio as a Democrat.

Mortgage Daily, Sept. 19, 2017As of Aug. 31, Ginnie Mae reported $1.8706 trillion in mortgage-backed securities outstanding, according to monthly operational data.

National Mortgage News, Sept. 20, 2017–Kyle Kamrooz (subscription)The mortgage industry is suffering from shiny object syndrome, and it’s hampering the progress we could be making toward true innovation and transformation.