Mortgage Daily, July 21, 2017The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.
Category: Top National News
Building a Mortgage Meltdown for the Rental Market
New York Post, July 23, 2017–Nicole GelinasFor nearly 80 years, Washington has subsidized homeownership–creating massive distortions both in house prices and in what neighborhoods look like. Now the feds will subsidize rental homes as well – expanding government control over even more of the economy.
Model Home Prices Often Differ From Those Listed Online
UExpress, July 21, 2017–Lew SichelmanAccording to research from HomesUSA.com, the prices would-be buyers find at the job site are often higher than they are on the website, or on the builder’s post in the multiple listing service. In one case, says HomesUSA President Ben Caballero, the difference was a striking $100,000.
Small Lenders to Congress: Here’s the GSE Reform We Don’t Want to See
HousingWire, July 20, 2017–Kelsey RamirezSmall lenders urged Congress to ensure a level playing field for all lenders at a Senate Banking Committee’s hearing Before the hearing, the Mortgage Bankers Association sent a letter to the Banking Committee, expressing its support for small lenders. It also emphasized that its proposal for secondary mortgage market reform supports the small mortgage lender market.
Average U.S. Mortgage Rates Fall; 30-Year at 3.96 Percent
Associated Press, July 20, 2017Long-term U.S. mortgage rates declined this week after two straight weeks of increases. The benchmark 30-year rate slipped back below the significant 4 percent level.
Zillow: Median Home Value at New High
National Mortgage Professional, July 20, 2017–Phil HallFor the first time ever, the typical U.S. home is worth more than $200,000.
Ocwen Settles Lawsuit for $56 Million in Cash and Stock
National Mortgage News, July 20, 2017–Brad Finkelstein (subscription)Ocwen Financial Corp. agreed to settle a shareholder lawsuit for a cash payment of $49 million, plus 2.5 million shares of the company’s stock.
TransUnion: December Rate Hike Prevented 1 Million Americans from Paying their Mortgage
HousingWire, July 20, 2017–Kelsey RamirezA new analysis from TransUnion found that 10.6 million Americans could struggle to absorb their increased monthly payments after the Federal Reserve Board raised interest rates in December, however further examination showed only 1 million struggled with being delinquent after the rate hike.
GOP Efforts to Repeal CFPB Arbitration Rule Off to Rocky Start
National Mortgage News, July 20, 2017–Ian McKendry, Kate Berry (subscription)House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau’s arbitration rule, but there were early signs that enacting them may prove challenging.
BB&T Mortgage Earnings, Lending & Servicing Drop
Mortgage Daily, July 20, 2017Mortgage banking income before taxes fell to $73 million from $86 million in the first quarter and an upwardly revised $88 million in the second-quarter 2016. The decline was attributed to lower gains on the net mortgage-servicing rights valuation.