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The False Claims Act Has No Place in Housing
HousingWire, July 17, 2017--David StevensMBA President and CEO says use of FCA is an inappropriate and harmful response that only reduces access to credit for qualified borrowers, harming the entry level buyer and those on the lower end of home price ranges in America.
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Did Quicken Loans ‘Cook’ Homeowners’ Appraisals? Feds Say Yes
Washington Post Writers Group, July 17, 2017--Kenneth R. HarneyPlaintiffs in a class action suit affecting 2,770 homeowners said appraisers working for Quicken had overstated the market worth of their properties, putting them underwater on their loans from the start. David Stevens, President and CEO of the Mortgage Bankers Association, noted it was "common industry practice during the time these loans were made to provide [an] owner's estimate of value to appraisers, until the law changed nationwide in 2009."
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New Home Sales Fall in June
Scotsman Guide, July 17, 2017--Victor WhitmanMortgage applications for new-home purchases fell off in June, the Mortgage Bankers Association reported.
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Banking Regulator Urges CFPB to Delay Rule Barring Mandatory Arbitration
Wall Street Journal, July 17, 2017--Rachel Witkowski (subscription)The Trump-appointed acting head of the national banking regulator urged Monday that the Consumer Financial Protection Bureau delay a rule barring mandatory arbitration requirements between financial firms and customers.
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Student Debt Is a Major Reason Millennials Aren’t Buying Homes
Bloomberg, July 17, 2017--Shahien NasiripourCollege tuition hikes and the resulting increase in student debt burdens in recent years have caused a significant drop in homeownership among young Americans, according to new research by the Federal Reserve Bank of New York.
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Commercial Mortgages: It’s Difficult to Find a Reason to Dislike Commercial Real Estate These Days
Richmond (Va.) Times-Dispatch, July 17, 2017--Andrew LittleWhile commercial mortgage interest rates surged over the past two weeks by approximately 0.25 percent, rates remain extremely low and are prompting nonstop activity.
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The Cost of a Hot Economy in California: A Severe Housing Crisis
New York Times, July 17, 2017--Adam Nagourney; Conor Dougherty (subscription)As California's affordable housing crisis continues, state lawmakers are considering extraordinary legislation to in effect crack down on communities that have, in their view, systematically delayed or derailed housing construction proposals.
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Home Purchase Finance Outlook Improves
Mortgage Daily, July 17, 2017Fannie Mae, which made the predictions in its Housing Forecast: July 2017, raised the third-quarter forecast from $423 billion expected in its last outlook report.
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PNC Successfully Shifts to Home Purchase Financing
Mortgage Daily, July 17, 2017Pittsburgh-based PNC disclosed in its second-quarter earnings report $1.5 billion in income prior to income taxes and non controlling interests.
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Opinion: MBA’s Reform Plan Works
Scotsman Guide, July 17, 2017--James S. MacLeodThe author, chairman and CEO of CoastalSouth Bancshares, says MBA plan for GSE reform protects and provides opportunitiets for both large and small lenders.
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Freddie Mac Joins Fannie Mae in Reducing Mortgage Modification Interest Rate
HousingWire, July 17, 2017--Ben LaneThe standard modification program is "designed to help those borrowers who are ineligible for the Home Affordable Modification Program," Freddie Mac said.
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CFPB Suffers Setback in RESPA Case
National Mortgage News, July 17, 2017--Kate Berry (subscription)A district court judge has ruled in favor of a Louisville, Ky., law firm that was sued by the Consumer Financial Protection Bureau in 2013 for allegedly paying illegal kickbacks in exchange for referrals.
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HUD Secretary Promotes Reverse Mortgage Reforms
National Mortgage News, July 17, 2017--Brian Collins (subscription)HUD is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.
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