Reuters, Nov. 17, 2015–Dunsmuir, Lindsay
U.S. industrial production fell for the second straight month in October, the Federal Reserve said on Tuesday, raising concerns for the robustness of fourth-quarter economic growth.
Category: Top National News
U.S. Targets RBS, JPMorgan Executives in Criminal Probes
Wall Street Journal, Nov. 17, 2015–Viswanatha, Aruna; Barrett, Devlin; Matthews, Christopher
Federal prosecutors are actively pursuing criminal cases against executives from Royal Bank of Scotland Group PLC and JPMorgan Chase & Co. for allegedly selling flawed mortgage securities, people familiar with the probes said, as the clock ticks down for bringing cases from the 2008 financial crisis.
House Poised for Vote to Roll Back Mortgage Regs
The Hill, Nov. 17, 2015–Wheeler, Lydia
The House is expected to vote Wednesday on the Portfolio Lending & Mortgage Access Act, a bill introduced by Rep. Andy Barr (R-Ky.) that the Center for Responsible Lending (CRL) says would weaken federal rules that took effect last year to ensure a borrower’s ability to repay a loan.
Bill on Obama’s Desk Overrides Pay Hikes for CEOs of Mortgage Giants Fannie Mae and Freddie Mac
OC Register (Calif.), Nov. 17, 2015–Roosevelt, Margot
Congress this week slashed the annual pay of the chief executive officers of mortgage giants Fannie Mae and Freddie Mac from $4 million to $600,000 in a bill it sent to President Barack Obama.
Wells Fargo Names Timothy Sloan Chief Operating Officer, President
Wall Street Journal, Nov. 17, 2015–Glazer, Emily; Armental, Maria
Timothy Sloan was promoted to president and chief operating officer of Wells Fargo & Co. on Tuesday, putting the longtime executive in line to take over the world’s biggest bank by market capitalization.
Borrower Outreach Events Proving Successful at Preventing Foreclosures
DS News, Nov. 17, 2015–Honea, Brian
Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes.
FHA’s Balance Sheet Rebounds after Bailout
The Hill, Nov. 16, 2015–Needham, Vicki
The Federal Housing Administration’s Mutual Mortgage Insurance Fund on Monday eclipsed a key benchmark for the first time since the financial crisis, reflecting an improvement in the agency’s health and steering it well clear of another taxpayer infusion, according to an independent analysis sent to Congress. David Stevens, president and CEO of the Mortgage Bankers Association, urged policymakers to look carefully at the Home Equity Conversion Mortgage, the FHA’s reverse mortgage program that enables withdrawal of home equity.
Mortgage Applications in U.S. for New Home Purchases Dip in October
World Property Journal, Nov. 16, 2015
According to the Mortgage Bankers Association’s Builder Application Survey Data for October 2015, mortgage applications for new home purchases decreased by 8 percent relative to the previous month.
Rate of Serious Delinquencies on Mortgage Debt Falls: TransUnion
National Mortgae News, Nov. 16, 2015–Peters, Andy
Mortgage delinquency rates continued their double-digit yearly declines in the third quarter, according to TransUnion.
Underperforming Loans Moved to Special Servicing Decline: Fitch
National Mortgage News, Nov. 16, 2015–Peters, Andy
The number of underperforming loans transferred to special-servicing status dropped in October, according to Fitch Ratings.