National Mortgage News, Feb. 2, 2017–Brian CollinsA federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac’s profits into the coffers of the Treasury Department.
Category: Top National News
Filings for U.S. Jobless Benefits Fell to 246,000 Last Week
Bloomberg, Feb. 2, 2017–Sho ChandraFewer Americans filed applications for unemployment benefits last week, marking 100 straight weeks of claims below 300,000. That’s the longest streak since 1970 and indicates a healthy job market.
U.S. Labor Market Tightening, Productivity Still Weak
Reuters, Feb. 2, 2017–Lucia MutikaniData on Thursday showed worker productivity slowing in the fourth quarter, which economists said suggested companies would need to keep hiring to increase output.
Top Republican Demands Fed Stop Participating in Basel, FSB
American Banker, Feb. 2, 2017–John HeltmanRep. Patrick McHenry, R-N.C, vice chair of the House Financial Services Committee is calling on the Federal Reserve to unilaterally disengage from the Financial Stability Board and Basel Committee on Banking Supervision until President Trump has installed his nominees on the Fed board.
Flagstar Bancorp Mortgage President Departing
Mortgage Daily, Feb. 2, 2017After just a year-and-a-half on the job, Len Israel is leaving Flagstar Bankcorp Inc.’s mortgage banking division.
Record Mortgage Originations at PennyMac
Mortgage Daily, Feb. 2, 2017In its fourth-quarter earnings report, the Westlake Village, California-based firm disclosed pre-tax income of $129 million.
HECM Endorsements Up From Year Earlier
Mortgage Daily, Feb. 2, 2017During the first month of the new year, endorsements of home-equity conversion mortgages by the Federal Housing Administration came to 4,578 units.
Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule
Wall Street Journal, Feb. 3, 2017–Michael C. Bender; Damian PalettaPresident Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis.
The Reality of Unraveling Dodd-Frank
The Hill, Feb. 2, 2017–Ian KatzThe author, with Capital Alpha Partners, says the problem for Trump is that he can’t do it through an executive order. He can use the bully pulpit, but to amend the law he has to go through lawmakers. “There’s no quick fix.”
Fitch: Fannie Mae, Freddie Mac Reform May Be Put on Back-Burner
HousingWire, Feb. 2, 2017–Ben LaneWhile Treasury Secretary nominee Steven Mnuchin’s comments made it clear that the Trump administration views housing finance reform as a high priority, the question is how the Trump administration would go about reforming the complex world of housing finance.