The Lede
Top National News
The GSEs’ Distressed Mortgage volume Remains High in Five States
National Mortgage News, June 21, 2019--Bonnie Sinnock (subscription)Although the performance of the government-sponsored enterprises' single-family loans continues to improve, the deeply delinquent totals remain significant in states with court-processed foreclosures.
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Ginnie Mae Removes loanDepot’s VA Loan Restrictions
HousingWire, June 21, 2019--Ben LaneAfter nearly six months of being restricted from participating in some of Ginnie Mae's mortgage bond programs as part of the agency's crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game.
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Banks Sail Through Year’s First Round of Stress Tests
American Banker, June 21, 2019--John Heltman (subscription)Despite facing tougher scenarios, the 18 banks undergoing the Fed's stress testing program this year easily passed the first examination, known as the Dodd-Frank Act Stress test, posting similar capital losses as in previous years.
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New Loan Aimed at Older Houses
UExpress, June 21, 2019--Lew SichelmanA new mortgage product is about to hit the market that could make it easier for owners to repair or rebuild homes that have been damaged or destroyed in floods, tornadoes, hurricanes and other natural disasters.
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Prominent Senate Democrats Want Reversal of HUD Policy on FHA Mortgages for Dreamers
HousingWire, June 21, 2019--Ben LaneA number of prominent Senate Democrats, including several who are running for president, want HUD to reverse its new policy of the Federal Housing Administration refusing to back mortgages for Deferred Action for Childhood Arrivals recipients.
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How JPMorgan’s Plan to Send Customers to Arbitration Wound Up in Court
American Banker, June 21, 2019--Andy Peters (subscription)Since Congress and President Trump killed a Consumer Financial Protection Bureau rule banning mandatory arbitration, many banks have reintroduced the practice. Unless customers contact their bank to opt out of arbitration, they cannot dispute issues through a lawsuit. Consumer advocacy groups have criticized arbitration as unfair to consumers.
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