Mortgage Professional America, June 24, 2022–Candyd MendozaDestiny USA, the largest mall in New York, has dodged a default bullet after securing a five-year extension from lenders to pay back $430 …
Category: Top National News
Student-Loan Forgiveness for Public-Service Workers Totals $8.1 Billion Since October
Wall Street Journal, June 24, 2022–Gabriel T. RubinThe Biden administration’s overhaul of a largely moribund student debt forgiveness program for public-service employees has led to $8.1 billion in approved relief …
Lender To Pay Over $1M To Resolve Mortgage Fraud Allegations
National Mortgage Professional, June 24, 2022–Keith GriffinAmerican Financial Network Inc., a mortgage lender based in Brea, Calif., has agreed to pay $1,037,145 to resolve allegations that it improperly and fraudulently …
Banks Hit Cruise Control for the 2022 Stress Tests
American Banker, June 23, 2022–Kyle Campbell (subscription)Collectively, the 33 banks included in the assessment had a stress minimum capital ratio of 9.7%, more than double the minimum required by the …
FHFA: No Delay on 50bps Fee, but Open to ‘Engagement’
HousingWire, June 23, 2022–Georgia KromreiIn a statement, FHFA Director Sandra Thompson said her agency was “committed to the continued strength and resilience” of the process for issuing single securities, “given …
Republicans Seek Delays to Housing Bills, Citing Inflation
National Mortgage News, June 22, 2022–Brendan Pedersen (subscription)Lawmakers on the House Financial Services Committee clashed over the role of government investment in down-payment assistance and other housing programs on Wednesday …
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession
Wall Street Journal, June 22, 2022–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said the central bank’s battle against inflation could lead it to raise interest rates high enough to cause …
May Numbers Show 425,000 Homeowners in Forbearance Plans, MBA Reports
MortgageOrb, June 22, 2022–Arian FineThe Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey shows that the total number of loans now in forbearance decreased by 9 basis points from 0.94% …
Trouble Ahead? Seller Repurchases of Fannie/Freddie Loans Spike
Inside Mortgage Finance, June 21, 2022–John BancroftFannie Mae and Freddie Mac reported a sharp increase in seller buybacks during the first quarter.https://www.insidemortgagefinance.com/articles/224946-trouble-ahead-seller-repurchases-of-fanniefreddie-loans-spike?v=preview
MBA Balks at Proposed SEC Emissions Rules
National Mortgage Professional, June 21, 2022–Tony CantuThe Mortgage Bankers Association has submitted a letter to the US Securities and Exchange Commission related to the regulatory agency’s notice of proposed rulemaking …