Bloomberg, Feb. 24, 2021–Peter CoyThe Federal Reserve reported last year that, according to its Survey of Consumer Finances, the median wealth of Black families in the U.S. was $24,100 in …
Category: Top National News
Biden Administration May Undo Certain Trump-Era Mortgage Rules
CNBC, Feb. 24, 2021–Greg IacuriSome groups believe the Trump-era rules should remain in place. They will help banks and other lenders innovate and extend more mortgages to underserved groups, such …
N.Y. Appeals Court Sides with Lenders in Foreclosure Case
National Mortgage News, Feb. 23, 2021–Kate Berry (subscription)The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.https://www.nationalmortgagenews.com/news/n-y-appeals-court-sides-with-lenders-in-foreclosure-case
Fed Nears Decision on Continued Easing of Bank Capital Rule
American Banker, Feb. 23, 2021–Hannah Lang (subscription)Chair Jerome Powell told a congressional panel that the Federal Reserve is weighing whether to extend temporary relief from the “supplementary leverage ratio” — …
Court Rules in Favor of Nationstar in Reverse Mortgage Servicing Portfolio Dispute
Reverse Mortgage Daily, Feb. 22, 2021–Chris ClowA dispute arising out of a 2015 purchasing agreement where Nationstar Mortgage acquired the reverse mortgage servicing portfolio of former reverse mortgage lender Generation …
In this Crisis, White House and Banks are On Same Team
American Banker, Feb. 22, 2021–Hannah Lang (subscription)More than a decade after the near collapse of the financial system and the bruising fight over Dodd-Frank put the industry and a Democratic …
Biden Criticizes Earlier Rollout of PPP as His Administration Changes Rules to Help Smaller Businesses
Washington Post, Feb. 22, 2021–Aaron GreggThe Treasury Department announced Monday that it will make targeted changes to its Paycheck Protection Program pandemic relief loans in an attempt to direct more …
Millions of Borrowers Now Have Blemished Credit, How Can You Still Serve Them?
Mortgage Professional America, Feb. 22, 2021–David KitaiOriginators now must work in an economy where credit blemishes are far more common than before. Laid off workers who might have had solid …
CFPB Goes on Hiring Spree as it Looks to Ramp Up Enforcement
American Banker, Feb. 21, 2021–Kate Berry (subscription)The agency is recruiting more attorneys and shuffling personnel under new Democratic leadership as it prepares to toughen oversight of the financial services industry.https://www.americanbanker.com/news/cfpb-goes-on-hiring-spree-as-it-looks-to-ramp-up-enforcement
Fed Sounds Alarm on Commercial Real Estate, Business Bankruptcy
Bloomberg, Feb. 19, 2021–Rich MillerThe Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.https://www.bloomberg.com/news/articles/2021-02-19/fed-sounds-alarm-on-commercial-real-estate-business-bankruptcy