The Lede

Top National News

Proposition 10, Which Would Expand Rent Control, is ‘in Deep Trouble,’ Poll Shows
Los Angeles Times, Oct. 19, 2018--Liam DillonRobert Shrum, co-director of USC's Center for the Political Future and a longtime Democratic strategist, said the numbers don't look good for the initiative. The election is less than three weeks away, and landlord-backed opponents of the measure are significantly outspending supporters.
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The Jury is Still Out on the New CFPB
Scotsman Guide, Oct. 19, 2018--Victor WhitmanMick Mulvaney, the acting director of the Consumer Financial Protection Bureau, delivered what seemed to be a clear message this week at the Mortgage Bankers Association's annual convention in the nation's capital. He stressed that the bureau's focus has changed, and that the prior CFPB leadership's era of regulation by enforcement is over.
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Rising Mortgage Rates Hurt Bank Revenue, Credit Quality: Moody’s
National Mortgage News, Oct. 19, 2018--Brad Finkelstein (subscription)Rising mortgage interest rates not only will continue to constrain banks' once-robust revenue from this business, they will also affect existing borrower credit quality, a report from Moody's said.
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HUD Official Quits Amid Interior Department Watchdog Controversy
The Hill, Oct. 19, 2018--Timothy CamaSusan Israel Tufts, a top political official at HUD, resigned Friday after HUD Secretary Ben Carson said she was slated to be the Interior Department's top watchdog, apparently by mistake.
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Mortgage Rates, Home Prices and Republican Tax Law Get Blame as Housing Sales Skid Lengthens
MarketWatch, Oct. 21, 2018--Laura Kusisto, Sharon NunnA combination of rising mortgage rates and high home prices, a dearth of inventory and a new tax law that reduces incentives for home ownership have weighed on the housing sector this year.
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CFPB’s ‘Wizard of Oz’ Puts Trump Plans into Practice
Wall Street Journal, Oct. 21, 2018--Yuka Hayahsi (subscription)Brian Johnson spent years as a congressional aide organizing Republican attacks on the Consumer Financial Protection Bureau. Now, he is its No. 2 official, playing a central role in the Trump administration's reshaping of the consumer-finance regulator.
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Alarm Bells for CRE Lenders after Bank OZK’s Bad Quarter
National Mortgage News, Oct. 19, 2018--John Reosti (subscription)Bank OZK in Little Rock, Ark., did more than stub its toe when it reported lower profit tied to two big chargeoffs. The $22 billion-asset company may have lost the confidence of investors for the foreseeable future, even though management used an earnings call to passionately defend its heavy reliance on commercial real estate lending, where the chargeoffs took place.
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Lennar Subsidiary Eagle Home Mortgage Fined $13.2 Million for FHA Lending Violations
HousingWire, Oct. 19, 2018--Ben LaneThe Department of Justice announced Friday that it reached a $13.2 million settlement with Universal American Mortgage Company to resolve allegations that the lender violated the False Claims Act by falsely certifying that it complied with FHA lending standards. Universal American Mortgage Company is the mortgage subsidiary of Lennar and does business as Eagle Home Mortgage.
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Retail Drives Down SunTrust’s Home Lending
Mortgage Daily, Oct. 22, 2018 A sharp decline in quarterly retail originations at SunTrust Banks Inc. drove overall home lending lower as mortgage earnings sank. But the size of the financial institution's mortgage servicing portfolio has increased over the past year.
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FHA Endorsements Edge Higher, Book of Biz Grows
Mortgage Daily, Oct. 19, 2018FHA reported monthly residential government-insured mortgage production nudged up, though commercial real estate endorsements plunged. The book of business continued to grow.
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Big Builders Jump Into ‘Financing Gap’ to Fuel NYC Construction Boom
Bloomberg, Oct. 19, 2018--Natalie Wong, Justina VasquezNew York developer Silverstein Properties Inc. built a $4 billion pipeline of real estate deals just weeks after starting. None of the money was for buildings it will own.
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