Washington Post, July 26, 2020–Michele LernerIn 1936 a widowed black woman bought a home and it changed her family’s financial worth for generations. Today homeownership rates of black people lag …
Category: Top National News
What Post-Pandemic Expansion May Look Like for Mortgage Lenders
National Mortgage News, July 24, 2020–Bonnie Sinnock (subscription)As home loans surge and lenders look to expand, they’re doing a cost-benefit analysis on the possibility of opening more commercial locations.https://www.nationalmortgagenews.com/news/what-post-pandemic-expansion-may-look-like-for-mortgage-lenders
CFPB to Propose Rules for How Companies Access Customer Data
American Banker, July 24, 2020–Kate Berry (subscription)The Consumer Financial Protection Bureau plans to propose clearer standards on how fintech firms access consumers’ financial account information, the agency said Friday.https://www.americanbanker.com/news/cfpb-to-propose-rules-for-how-companies-access-customer-data
Nearly 1 in 3 Homeowners with a Mortgage Could Save $300 a Month Because of Low Rates
Yahoo! Money, July 24, 2020–Dhara Singh“Lenders are navigating a housing market, facing ongoing uncertainty due to the COVID-19 pandemic’s impact on the broader economy,” said Joel Kan, associate vice president …
Wave of Evictions Could Be Coming for Nation’s Renters
The Hill, July 24, 2020–Niv Elis, J. Edward Moreno The federal moratorium on evictions signed into law in March as part of the CARES Act is set to expire Friday …
Owner of Ann Taylor and Lane Bryant Files for Bankruptcy
New York Times, July 23, 2020–Gillian Friedman Sapna MaheshwariAscena Retail is the latest retailer to fall during the pandemic. The disappearance of 1,600 of its 2,800 stores is a fresh …
More Wells Fargo Customers Say the Bank Decided to Pause Their Mortgage Payments Without Asking
NBC News, July 22, 2020–Gretchen MorgensonBorrowers in at least 14 states have told courts, lawyers or NBC News that they have been forced into forbearance plans by Wells Fargo: Alabama, …
Ginnie Mae Mortgage Bonds Saddled by Forbearance and Buyout Risk
Bloomberg, July 23, 2020–Christopher MaloneyHomeowner forbearance requests in Ginnie Mae-backed mortgages have led to elevated buyouts and weighed on their performance, a trend that may continue through summer’s end.https://www.bloomberg.com/news/articles/2020-07-23/ginnie-mae-mortgage-bonds-saddled-by-forbearance-and-buyout-risk?srnd=premium
Senate Amendment Cuts Expansion of VA Mortgage Funding Fee
HousingWire, July 23, 2020–Kathleen HowleySen. Jerry Moran’s amendment reduced some of the spending in the bill and cut the extension of the higher fees to an extra one year and …
Super-Low Mortgage Rates: a Blessing or Ominous Sign of Next Housing Downfall?
Orange County Register, July 23, 2020–Jeff LazersonUnless you are sticking it out for the long haul, sell your house now. Or, refinance into these rock-bottom rates if you are sticking …