The Lede
Top National News
Mortgage Payments May Jump in 2019, So Buy that House Now
The Mortgage Reports, June 25, 2018--Amy J. YaleAccording to new data from CoreLogic, the typical mortgage payment will likely jump 9.7 percent by March 2019, thanks to rising rates, inflation and higher home prices.
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Mortgages Take a Back Seat as Consumer Debt Levels Soar
National Mortgage News, June 25, 2018--Elina Tarkazikis (subscription)Mortgage debt outstanding remains below pre-crisis levels and home equity is growing, even as overall consumer debt is on pace to surpass its previous 2008 peak by $1 trillion, according to LendingTree.
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Supreme Court Declines to Hear FHFA MBS Case
Mortgage Daily, June 25, 2018The last holdout in a swarm of lawsuits filed in 2011 against underwriters and issuers of mortgage-backed securities has been resolved by the country's high court.
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CFPB Drops Case Against Zillow
HousingWire, June 25, 2018--Jessica GuerinZillow noted in its SEC filing that it received a letter from the Consumer Financial Protection Bureau that said the agency had completed its investigation into potential RESPA violation, will not be pursuing an enforcement action, and would not be requesting further documentation on the matter.
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RBS, Nomura Lose Final Appeal, Must Pay $839M over Mortgage-Backed Securities
HousingWire, June 25, 2018--Caroline BasileOn Monday, the U.S. Supreme Court declined to hear an appeal by the Royal Bank of Scotland Group and Nomura Holdings to overturn an order that requires them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae and Freddie Mac.
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Genworth M.I. Changes Mfg Housing Guidelines
Mortgage Daily, June 25, 2018Genworth Mortgage Insurance is aligning its own guidelines with new government-sponsored enterprise requirements for manufactured housing transactions.
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Big Shift in Lender Attitudes Toward Cutting Costs
Mortgage News Daily, June 25, 2018--Jann SwansonBoth the Mortgage Bankers Association's first quarter Quarterly Mortgage Bankers Performance Report and an earlier release from Fannie Mae regarding results from its second quarter Mortgage Lender Sentiment Survey reported mortgage lender's declining profits and gloomy outlook for improved financial results.
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Mayor De Blasio Unveils $400 Million New York City Housing Rehab Plan
Wall Street Journal, June 25, 2018--Katie Honan (subscription)Thousands of city-owned apartments will be renovated by private investors through a federally administered program that has repaired scores of publicly owned residences nationwide, New York City Mayor Bill de Blasio announced Monday.
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S&P: Trump Administration’s GES Reform Plan Won’t Happen for 2 Years
HousingWire, June 25, 2018--Kelsey RamirezOn Thursday, President Donald Trump released a massive proposal that, among other things, would end the government conservatorship of Fannie Mae and Freddie Mac, but now it looks as though that won't be happening anytime soon.
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Ocwen Dumps Fitch, Names Interim CEO
HousingWire, June 25, 2018--Ben LaneOcwen announced Monday that as "part of its ongoing efforts to reduce costs," the company is electing not to renew its contract with Fitch for "various corporate ratings." Ocwen also announced Monday that John Britti, the company's executive vice president and chief investment officer, has been named interim CEO.
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Equifax Data Breach Leads to New Credit Reporting Rules in New York
National Mortgage News, June 25, 2018--Bonnie Sinnock (subscription)Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.
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