Mixed Signals on CFPB Constitutionality from Appeals Court Justices

National Mortgage News, May 24, 2017–John Heltman (subscription)Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments Wednesday, with some judges suggesting the court had no power to decide otherwise while others said the current system was illogical and illegal.

San Francisco Goes From First to Worst in U.S. Home-Price Gauge

Bloomberg, May 24, 2017–Prashant GopalSan Francisco, which in recent years had the biggest home-price gain in the U.S., was the country’s weakest market in the first quarter, with values falling for the first time since 2011, the Federal Housing Finance Agency said.

Freddie Boosts Refinance Outlook on Lower Rates

Mortgage Daily, May 24, 2017Freddie Mac significantly upped its forecast for refinance production has been made by Freddie Mac thanks to falling rates. Even expected purchase lending increased.

Non-Performing Mortgages Offered for Sale

Mortgage Daily, May 24, 2017The offering is for 44 non-performing single-family loans that have a collective unpaid principal balance of $4.3 million.

TX Mortgage Firm Accused of Deceiving Investors

Dallas Morning News, May 24, 2017–Jill CowanFederal authorities have ordered a Frisco, Texas, mortgage lender to stop running what they call a fraudulent scheme that funneled investors’ money to several people he shouldn’t have — including $1.4 million to a man who claimed to be a booking agent for singers Drake and Taylor Swift.