Reuters, Apr. 12, 2016–Cassella, Megan
The U.S. government posted a $108 billion budget deficit in March, more than double the amount from the same period last year, the Treasury Department said on Tuesday.
Category: Top National News
OCC Releases Its First Risk Appetite Statement
American Banker, Apr. 12, 2016–Clozel, Lalita
The Office of the Comptroller of the Currency released Tuesday its first risk appetite statement–a set of general guidelines on what level of risk the agency finds acceptable in various domains.
How Secretive Shell Companies Shape the U.S. Real Estate Market
Washington Post, Apr. 12, 2016–Swanson, Ana
Foreign-owned shell companies play a big role in the U.S. economy through the real estate market. When purchased through a shell company, an offshore company or a trust, U.S. real estate offers wealthy foreigners a stable and secretive investment.
Elizabeth Warren Pushing CFPB for More Oversight of Nonbank Mortgage Servicers
HousingWire, Apr. 12, 2016–Lane, Ben
In a letter sent Monday to Consumer Financial Protection Bureau Director Richard Cordray, Sen. Elizabeth Warren, D-Mass, and Rep. Elijah Cummings, D-Md, call on the CFPB to increase its oversight of nonbank mortgage servicers, citing a report from the U.S. Government Accountability Office on the rise of nonbank servicers.
Court Case Against the CFPB Hinges on These Four Issues
National Mortgage News, Apr. 11, 2016–Berry, Kate
The U.S. Court of Appeals for the D.C. Circuit will hear oral arguments Tuesday about the Consumer Financial Protection Bureau’s structure, in a case that has national implications. Even though a ruling isn’t expected until the end of the year, legal experts say there are four major legal issues involved.
Goldman Sachs Resolves U.S. Mortgage Probe for $5.1 Billion
Bloomberg, Apr. 11, 2016–Schoenberg, Tom
Goldman Sachs Group Inc. will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds.
Mortgage Rates Dip to Annual Low: Will They Stick
CNBC, Apr. 11, 2016–Olick, Diana
When the Federal Reserve raised its interest rates late last year, most mortgage rate prognosticators saw it as a sure sign that home-loan rates would finally rise meaningfully. In fact, just the opposite has happened.
Forget Flipping Houses–These Retail Investors Flip Mortgages
MarketWatch, Apr. 11, 2016–Riquier, Andrea
As government entities like Fannie Mae and Freddie Mac have struggled with the legacies of the housing bust, they’ve sold billions of dollars’ of delinquent notes to big institutional investors, who resell them in turn.
This is Why Customer Experience is Critical for Everyone
Housing Wire, Apr. 11, 2016–Boggs, Dennis
After several years of focusing almost exclusively on compliance, it was good to see that “customer experience” was back on the agenda at the Mortgage Bankers Association National Technology in Mortgage Banking Conference & Expo in Los Angeles last week.
Lenders Awaiting Next Wave of Buyers
Chicago Tribune, Apr. 11, 2016–Sichelman, Lew
David Stevens, a former federal housing official who now leads the trade group Mortgage Bankers Association, said household formations will increase to about 1.6 million a year between 2015 and 2024, compared with the increase of 1.2 million a year between 2010 and 2014.