Wall Street Journal, Oct. 6, 2015–Davidson, Kate
The U.S. trade gap widened sharply in August, suggesting trade will weigh on economic growth in the third quarter as a strong dollar and a slowdown overseas curb demand for U.S.-made goods.
Category: Top National News
JPMorgan Buys More Mortgages from Other Lenders as Market Shrinks
Reuters, Oct. 7, 2015–Freed, Dan
JPMorgan Chase & Co, looking to stem falling revenue in its mortgage business as fewer Americans refinance, is increasingly buying loans from smaller lenders, a practice that competitors including Bank of America view as risky.
New York Attorney General Examining Private Equity Firm’s Mortgage Business
New York Times, Oct. 6, 2015–Goldstein, Matthew; Abrams, Rachel
The rapid growth of Caliber Home Loans, a mortgage company owned by the private equity giant Lone Star Funds, has led to a surge in consumer complaints. Now it has led to regulatory scrutiny of Caliber’s business practices.
Fifth Third Pays $85M to Settle Mortgage Fraud Suit
Cincinnati Enquirer Oct. 6, 2015–Coolidge, Alexander
Fifth Third admitted on Tuesday it improperly certified more than 1,400 mortgage loans it knew were defective as eligible for Federal Housing Administration insurance, costing taxpayers millions. Now, the Cincinnati-based regional bank will pay $85 million to settle a civil fraud claims, federal authorities said Tuesday.
CFPB Plan Would All But Ban Arbitration Clauses
American Banker, Oct. 7, 2015–Adler, Joe
The Consumer Financial Protection Bureau’s impending proposal, to be reviewed by a small business advisory panel, would block companies from using arbitration clauses to avoid class actions but allow them for individuals.
Getting a Mortgage May Take Longer Under New Rules
CNBC, Oct. 5, 2015–Olick, Diana
The best advice for borrowers is to prepare for delays, have all paperwork ready before even starting the process and possibly even spend the extra money upfront for a longer lock term.
Why Mortgage REITs May Be Safe Again
24/7 Wall Street, Oct. 5, 2015–Lange, Chris
Though real estate investment trusts have been a popular vehicle for investments in the past, they have suffered over the past year. At current levels, Credit Suisse sees mortgage-based REITs as an attractive investment opportunity, based on stabilized book values and earnings outlooks.
Walter Investment Names Dixon CEO, O’Brien to Retire
National Mortgage News, Oct. 5, 2015–Peters, Andy
Walter Investment Management has promoted its vice chairman to CEO, after Mark O’Brien said he will retire from that position.
Will the FHA Lower Mortgage Insurance Premiums Again?
HousingWire, Oct. 5, 2015–Garrison, Trey
The Federal Housing Authority’s mid-November actuarial report is expected to provide some insight into its pricing policy options.
SEC Charges Home Loan Servicing Solutions Over Relationship with Ocwen
HousingWire, Oct. 5, 2015
The Securities and Exchange Commission announced Monday that it charged Home Loan Servicing Solutions for making “material misstatements” about its relationship with Ocwen Financial as well as misstating its net income on several occasions.