Mortgage Professional America, Sept. 18, 2020–Ryan SmithNearly 11 million households fell behind on their mortgage or rent payments during the first three months of the COVID-19 pandemic, according to a …
Category: Top National News
SCOTUS Sets Facebook Inc. v. Duguid Oral Arguments
ACA News, Sept. 17, 2020The court will hear arguments in the case, focused on the definition of an autodialer under the TCPA, in December. (MBA mention)https://www.acainternational.org/news/scotus-sets-facebook-inc-v-duguid-oral-arguments
Fed Details New Round of Big-Bank Stress Tests
Wall Street Journal, Sept. 17, 2020–Andrew Ackerman (subscription)The Federal Reserve will analyze large banks’ ability to withstand two coronavirus-related recession scenarios as part of a second round of stress tests …
A Million Mortgage Borrowers Fall Through Covid-19 Safety Net
Wall Street Journal, Sept. 17, 2020–Andrew Ackerman (subscription)About one million homeowners have fallen through the safety net Congress set up early in the coronavirus pandemic to protect borrowers from losing …
Lawmakers Ask Calabria to Rethink Adverse-Market Fee
HousingWire, Sept. 16, 2020–Kathleen HowleyFederal Housing Finance Agency Director Mark Calabria took fire during Congressional testimony on Wednesday about the implementation of an adverse-market fee that’s expected to add about …
Mortgage Securities Are Flooding the Market. Thank the Fed
Wall Street Journal, Sept. 16, 2020–Orla McCaffrey (subscription)Low mortgage rates have spurred a boom in home refinancing, which in turn has spurred a boom in the issuance of mortgage-backed securities. …
Banks Retreat Again from Mortgage Servicing
National Mortgage News, Sept. 16, 2020–Christopher Whalen (subscription)The decline in the bank share of mortgage servicing comes as nonbank lenders are taking the lion’s share of the expansion of volumes. …
Will Changes at Fannie Mae and Freddie Mac Mean Higher Rates?
Bankrate.com, Sept. 15, 2020–Peter G. Miller“I cannot make a single argument in support of the GSEs’ decision to impose a 50 basis point price increase on all refinances, effective Sept. …
Changes to the Qualified Mortgage Rule are Coming; Be Prepared
National Mortgage News, Sept. 15, 2020–Colgate Selden (subscription)With origination volumes skyrocketing due to historically low interest rates, it would be an understatement to say lenders have been preoccupied in 2020. …
Ex-Owner of Florida Mortgage Firm Freed After 9 Years of 30-Year Term for Massive Fraud
Associated Press, Sept. 15, 2020A judge on Tuesday ordered the release of Lee Farkas, 67, chairman of the now-defunct Florida-based mortgage company Taylor, Bean and Whitaker.https://www.orlandosentinel.com/news/crime/os-ne-financial-exec-serving-30-years-for-fraud-released-20200915-vq3hnfxkibeu7kcc45ssqqw4da-story.html