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CFPB Seen as Likely to Win Constitutional Case
American Banker, May 26, 2017--Kate Berry (subscription)A federal appeals court appears to be leaning toward a ruling in favor of the Consumer Financial Protection Bureau, with several judges arguing that a single director is more accountable to the president than a multimember commission.
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Clock Running Out on Sandy Victims Seeking Mortgage Help
Asbury Park Press (N.J.), May 26, 2017--Jean Mikle, Russ ZimmerHomeowners have until 5 p.m. Wednesday to request a mortgage forbearance certification from the state, under a program that aims to give Sandy victims a measure of financial relief.
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What Are Mortgage Companies Doing To Help Borrowers With Limited English?
Mortgage Orb, May 26, 2017--Patrick BarnardThe Federal Housing Finance Agency is seeking feedback from mortgage lenders and servicers to learn more about what they are doing to help mortgage borrowers with limited English proficiency.
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Maryland Governor Signs Bill to Fast-Track Vacant Home Foreclosures
National Mortgage News, May 26, 2017--Bonnie Sinnock (subscription)Maryland Gov. Larry Hogan (R) signed a bill that will put vacant home foreclosures on a faster track starting Oct. 1.
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Judge: Wells Fargo $142 Million Fake Account Settlement May Not Be Enough
HousingWire, May 26, 2017--Ben LaneWells Fargo's proposed $142 million settlement in the class action lawsuit brought on behalf of the bank's customers who had a fake account opened in their name is moving closer to being finalized, but the judge overseeing the settlement cautioned the bank that $142 million may not be enough money to compensate all the affected customers.
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U.S. Economy Slowed Less than Expected in First Quarter; Outlook Cloudier
Reuters, May 26, 2017--Lucia MutikaniGross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said on Friday in its second GDP estimate for the first three months of the year.
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Quick Takes: Market Trends, Lack of Labor
UExpress, May 26, 2017--Lew SichelmanMuch has been written about the importance of Hispanics to the housing market. But the ownership rate among Asian-Americans and Pacific Islanders is even greater, according to the most detailed breakdown ever from the Census Bureau.
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Homeowners Are Again Pocketing Cash as They Refinance Properties
Wall Street Journal, May 27, 2017--Christina Rexrode (subscription)Americans refinancing their mortgages are taking cash out in the process at levels not seen since the financial crisis.
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ARMs Defy Overall Weekly Mortgage Slump
Mortgage Daily, May 27, 2017Although a week-over-week decline in new mortgage business was mostly across-the-board, adjustable-rate mortgage activity rose--with ARM share at its widest in over a year.
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New Tenants for Mortgage C-Suites, Boards
Mortgage Daily, May 27, 2017--Sam GarciaFree agency in single-family lending is in full swing, and moves have been made in the boardroom,
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A Likely Shift in the Mortgage Market is Creating ‘Prisoners’ in Housing
Business Insider, May 29, 2017--Akin OyedeleHome prices have recovered to pre-housing-crisis levels. But with slow wage growth, that means there are fewer affordable houses available to buyers, especially in bigger cities.
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Fed Officials Likely to Raise Rates in June, Finalize Plans to Reduce Portfolio
Wall Street Journal, May 30, 2017--Nick Timiraos (subscription)Federal Reserve officials are likely to raise short-term interest rates at their meeting in two weeks and announce their framework for shrinking a $4.5 trillion portfolio of bonds and other assets later this year.
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