Bloomberg, Oct. 19, 2020–Yalman OnaranBlack borrowers pay $13,464 more over the life of a home loan, with interest, mortgage-insurance and tax expenses higher than for their White counterparts, further hurting …
Category: Top National News
The Next Economic Crisis: Empty Retail Space
Politico, Oct. 18, 2020–Katy O’DonnellAs tenants stop paying and shrink their offices, commercial real estate is cratering. (MBA mention)https://www.politico.com/news/2020/10/18/next-economic-crisis-empty-retail-space-429994
4 Trends in Mortgage Fraud to Watch Out For
National Mortgage News, Oct. 16, 2020–Bonnie Sinnock (subscription)Mortgage companies contended with an average of 1,316 fraud attempts per month in 2020, up from 1,280 in the previous year, according to …
Serious Mortgage Delinquencies Are Up, Data Shows
The Ascent, Oct. 16, 2020–Maurie BackmanMillions of Americans have lost their jobs or struggled with income loss since the start of the coronavirus pandemic, so it’s not shocking that as …
Millions Still Missing Rent, Mortgage Payments
Credit Union Times, Oct. 16, 2020–Jim DuPlessisOn Friday, the Mortgage Bankers Association (MBA) released a report that found 8.5% of renters, or 2.8 million households, missed, delayed, or made a …
M&T Bank Fined for Flood Insurance Violations
American Banker, Oct. 15, 2020–Jon Prior (subscription)The Buffalo, N.Y., bank will pay a $546,000 penalty to the Federal Reserve, which will be passed on to the National Flood Insurance Program …
Ocwen Settles Final State Action over Its Servicing Practices
National Mortgage News, Oct. 15, 2020–Brad Finkelstein (subscription)The agreement with Florida ends the saga that began in April 2017, when several states sued the company. However, the CFPB’s case filed …
8 Million Have Slipped Into Poverty Since May as Federal Aid Has Dried Up
New York Times, Oct. 15, 2020–Jason DeParleAfter an ambitious expansion of the safety net in the spring saved millions of people from poverty, the aid is now largely exhausted and …
Fannie, Freddie Take a Close Look at Mortgage Risks as Climate Events Multiply
Politico, Oct. 15, 2020–Zack ColmanNew research compiled by U.S. government-backed mortgage companies recently shows housing markets are beginning to respond to damages from climate change-fueled floods, storms and disasters.https://www.politico.com/news/2020/10/15/fannie-mae-freddie-mac-mortage-climate-risks-429641
Mnuchin Says Coronavirus Relief Deal Unlikely Before U.S. Election
Reuters, Oct. 14, 2020–Reuters StaffTreasury Secretary Steve Mnuchin on Wednesday said he and House of Representatives Speaker Nancy Pelosi were “far apart” on some details of another coronavirus relief package, …