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Tax Overhaul Threatens Affordable-Housing Deals
Wall Street Journal, Mar. 21, 2017--Laura Kusisto (subscription)The possibility of a tax-code overhaul is casting a shadow over the $10 billion affordable-housing industry, which receives tax credits so valuable they often determine whether or not projects get off the ground.
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Rising Interest Rates Become Double-Edged Sword for Mortgage Banker Profits
HousingWire, Mar. 21, 2017--Brena SwansonThe Mortgage Bankers Association report says independent mortgage banks had to deal with the positive and negative side effect of rising interest rates.
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Top Fed Official Likens Wells Fargo Fraud to Mortgage Crisis
CNN Money, Mar. 21, 2017--Matt EganThe notorious sales goals at the heart of the Wells Fargo scandal bear similarities with the flawed compensation systems that fueled the mortgage crisis, said New York Federal Reserve President Bill Dudley.
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Regulation Behind Dearth of New Bank Charters
Mortgage Daily, Mar. 21, 2017Since the Dodd-Frank Act was enacted in 2010, 1,917 banks have disappeared.
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Is the Housing Market Living Up to Its Potential?
National Mortgage Professional, Mar. 21, 2017--Phil HallPotential existing home sales decreased to a 5.7 million seasonally adjusted, annualized rate in February while the market potential for existing home sales fell by 0.5 percent compared January, a 28,000 sales decline, according to data released by First American Financial Corp.
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Regulators Call for Simpler Capital Rules, Easier Reporting Standards
American Banker, Mar. 21, 2017--John Heltman (subscription)Banking regulators are calling for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden. The agencies detailed their recommendations Tuesday in a report under the Economic Growth and Regulatory Paperwork Reduction Act.
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Surprise: Outlet Malls Are Hot
Wall Street Journal, Mar. 21, 2017--Esther Fung (subscription)Internet shopping is reshaping the retail landscape and slamming mall operators. But one corner of the industry is thriving: outlet centers.
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Q4 Mortgage Credit Risk Low
Mortgage Daily, Mar. 21, 2017It's been 16 years since the quality of residential loans originated has been as low as it was in the fourth quarter. But higher risk is likely ahead.
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Mr. Trump Goes After Consumer Financial Protection Bureau
New York Times, Mar. 22, 2017--Editorial BoardThe Times' editorial board says the Trump Administration's efforts to fire Consumer Financial Protection Bureau Director Richard Cordray are "weak."
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U.S. Judge Will Not Certify Deutsche Bank Mortgage Class Action
Reuters, Mar. 21, 2017--Jonathan StempelA federal judge on Tuesday said investors seeking to hold Deutsche Bank AG liable for causing $3.1 billion of losses by failing to properly monitor 10 trusts backed by toxic residential mortgages cannot pursue their claims as a group.
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Trump Administration Developing Principles for Housing Finance Reform
National Mortgage News, Mar. 21, 2017--Ian McKendry (subscription)The Trump administration is developing a set of principles on how to reform the housing finance system that it hopes to release within a few months, said Mark Calabria, chief economist for Vice President Mike Pence.
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Tensions Escalate at House Hearing on Constitutionality of the CFPB
HousingWire, Mar. 21, 2017--Brena SwansonThe House Financial Services Committee's Subcommittee on Oversight and Investigations dubbed the hearing The Bureau of Consumer Financial Protection's Unconstitutional Design. But instead of providing their expertise on the CFPB and its constitutionality, the four witnesses were tossed around between House Republicans who profusely thanked them for coming and House Democrats who condemned the hearing entirely.
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