American Banker, Aug. 14, 2020–Kate Berry (subscription)A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the …
Category: Top National News
Home Depot Braced for Covid Pain—Then Americans Remodeled
Wall Street Journal, Aug. 16, 2020–Sarah Nassauer (subscription)After lobbying to be open, the big box scrambled to meet demand. Old benchmarks don’t apply, says CEO Craig Menear: ‘None of that …
Lawmakers Want Inquiry into Report that OCC Halted Redlining Probes
National Mortgage News, Aug. 14, 2020–Neil Haggerty (subscription)Senate Democrats asked a watchdog to examine whether the bank regulator failed to investigate claims of discrimination against at least six banks.https://www.nationalmortgagenews.com/news/lawmakers-want-inquiry-into-report-that-occ-halted-redlining-probes
Want to Refinance Your Home Loan with Record-Low Rates? Get Ready for a Hefty Fee
NPR, Aug. 15, 2020–Chris ArnoldStarting next month, all home mortgages that are refinanced will have to pay half of 1% of the loan. In other words, $1,500 for a $300,000 …
How Homeowners Can Beat the New Mortgage Refinancing Fee
Yahoo! Finance, Aug. 14, 2020–Doug Whiteman“The recent refinance activity has not only helped homeowners lower their monthly payments, but it is also reducing risk to (Fannie Mae and Freddie Mac) …
Families Need a Lifeline, But Trump’s Regulator Tosses Them an Anchor
Washington Post, Aug. 14, 2020–Jared Bernstein, Mark Zandi, Jim ParrottAt the very moment families desperately need cash in their pockets, President Trump’s mortgage regulator has decided to take cash out …
Why It’s Harder to Offer Mortgage Assistance to 3 Million Borrowers with Private Loans
Urban Institute, Aug. 14, 2020–Karan KaulThe author Kaul explains why a lack of standardization and specificity and conflicting servicer obligations mean that borrowers whose mortgages are in private-label securities don’t …
Families Need a Lifeline, But Trump’s Regulator Tosses Them an Anchor
Washington Post, Aug. 14, 2020–Jared Bernstein, Mark Zandi, Jim ParrottAt the very moment families desperately need cash in their pockets, President Trump’s mortgage regulator has decided to take cash out …
Trump Administration Criticizes New Fannie Mae, Freddie Mac Mortgage Fee
Wall Street Journal, Aug. 13, 2020–Andrew Ackerman (subscription)The Trump administration criticized a move by mortgage-finance companies Fannie Mae and Freddie Macto charge a new fee on certain mortgages, saying it …
A ‘Middle Finger’ to Struggling Families: How a New Fee Is About to Make Refinancing Your Mortgage a Lot More Expensive
MSN Money, Aug. 13, 2020–Samantha SharfIn his own scathing statement, Mortgage Bankers Association CEO Bob Broeksmit estimated the new fee means the average consumer will be paying $1,400 extra. (Fannie …