National Mortgage News, Dec. 8, 2020–Brad Finkelstein (subscription)Lenders loosened their mortgage credit standards for the second month in a row in November because of strong housing demand and an improved …
Category: Top National News
Million-Dollar Homebuying Soars With U.S. Rich on Shopping Binge
Bloomberg, Dec. 8, 2020–Prashant GopalDemand for million-dollar homes is growing faster than any other price tier in the pandemic-driven U.S. housing boom. In October, applications for mortgages larger than $766,000 …
Mortgage Bankers Association Adds McSally, Riggleman Aide
Politico, Dec. 8, 2020–Caitln OpryskoThe Mortgage Bankers Association has hired Borden Hoskins as an associate vice president for legislative affairs. Hoskins joins the industry group after serving as a legislative …
As Pandemic Lifelines Expire, Americans in Housing Free Fall
Reuters, Dec. 8, 2020–Michelle ConlinOvernight, an unprecedented bill of $70 billion in unpaid back rent and utilities will come due, according to estimates by Moody’s Analytics Chief Economist Mark Zandi. …
Mr. Cooper, U.S. Bank & PNC Settle Claims Regarding Bankrupt Borrowers
National Mortgage News, Dec. 7, 2020–Brad Finkelstein (subscription)On the same day that Mr. Cooper announced it settled allegations over its servicing practices, it and two other lenders reached a separate …
New Trump Administration Rules Make it Easier for Lenders to Charge Small Businesses Super-High Interest Rates
NBC News, Dec. 8, 2020–Gretchen MorgensonHigh-cost lenders can circumvent such limits, known as usury caps, through what are known as rent-a-bank schemes. And under the Trump administration, critics say, the …
Millions of Americans Are Heading into the Holidays Unemployed and Over $5,000 Behind on Rent
Washington Post, Dec. 7, 2020–Heather Long Nearly 12 million renters will owe an average of $5,850 in back rent and utilities by January, Moody’s Analytics warns. Last month, 9 million …
Waters Calls on Biden to Reverse Trump’s Deregulatory Actions
American Banker, Dec. 7, 2020–Neil Haggerty (subscription)House Financial Services Committee Chairwoman Maxine Waters, D-Calif., sent a 45-page letter to President-elect Joe Biden calling on him to “immediately reverse” deregulatory actions …
Restaurant Closings Top 110,000 With Industry in ‘Free Fall’
Bloomberg, Dec. 7, 2020–Carolina GonzalezMore than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic. And more …
Mr. Cooper Settles $90M Lawsuit Over Illegal Foreclosures
HousingWire, Dec. 7, 2020–Alex RohaMr. Cooper, the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 million …