Bloomberg, June 27, 2017–Joe LightThe proposal by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner would attempt to foster competition in the secondary mortgage market, where loans are packaged into bonds and sold off to investors. Warner said last week at a Mortgage Bankers Association conference that he and Corker had found consensus on a number of issues.
Category: Top National News
The Downside of Scaling Back the CFPB Complaint Database
National Mortgage News, June 26, 2017–Kevin Wack (subscription)Banks and other lenders say they can be unfairly maligned by consumers whose grievances that have not been vetted for accuracy. Industry groups also chafe at how the Consumer Financial Protection Bureau cites numbers from the database without some of the relevant context.
One Year Later, Here’s How Fifth Third’s No-Down Payment Mortgage Program is Performing
HousingWire, June 26, 2017–Brena SwansonCompany officials said for lenders still skeptical toward low-down mortgages, he said that that the down payment assistance program is the key to helping many people become homebuyers.
For Consumers, Less Debt but Lots of Bills
Wall Street Journal, June 23, 2017–Justin Lahart (subscription)Americans’ finances are in the best shape they have been in years. As a group, U.S. households’ debt-to-income and debt-to-asset ratios in the first quarter fell to their lowest levels since the early 2000s.
Why Can’t They Build More Homes Where the Jobs Are?
Bloomberg, June 23, 2017–Patrick ClarkIn a logical world, builders would rush to put up homes in the U.S. regions adding jobs at the fastest pace. In reality, it’s not so simple.
Sears Closing Another 20 Stores Amid Ongoing Sales Slide
Fortune, June 23, 2017–Phil WahbaYou can add another 20 Sears and Kmart stores to retail’s graveyard.
Why Hasn’t the Real Estate President Fixed Housing Yet?
Ozy.com, June 25, 2017–Daniel MalloyHousing talk in the Trump Administration has been conspicuously absent at a critical turning point. Dave Stevens, the head of the Mortgage Bankers Association, says his group will be “closely watching” the tax reform process and making the case that “the biggest beneficiaries of the mortgage interest deduction are the middle class.”
How to Sell With a Tenant
UExpress, June 23, 2017–Lew SichelmanSelling a house is complicated enough. But when the house is being rented and occupied by a tenant, the degree of difficulty is compounded exponentially.
Sindeo Shutdown Shows Why Mortgage Industry is Hard to Disrupt
San Francisco Chronicle, June 24, 2017–Kathleen PenderMortgage-tech companies are attempting to save people time and money by letting them shop and apply online and either upload their documentation or give the mortgage company permission to pull it directly from employers, financial institutions and the IRS. But it’s still a Herculean task.
Bankers Have Less to Fear From ‘Stress Tests’
Wall Street Journal, June 25, 2017–Ryan Tracy (subscription)The Federal Reserve on Wednesday will release the final results of this year’s tests, which probe firms’ ability to withstand a severe financial shock. Officials made the tests easier for some banks this year, and for the next time around they are preparing to further change the exams in fundamental ways.