American Banker, June 12, 2020–William M. Isaac, Howard P. Milstein (subscription)The authors, a former chair of FDIC and chair of Emigrant Bank, respectively, say awmakers should go further than their …
Category: Top National News
Why are Millionaire Home Buyers Being Lumped in with Subprime Borrowers?
National Mortgage Professional, June 12, 2020–Clayton JarvisAccording to John R. Lynch, CEO and founder of PCMA Private Client Lending, “non-QM immediately, in the psychology of our industry, got labeled as …
Fed Report Says Coronavirus Shock Has Hit Low-Wage Workers Hardest
Wall Street Journal, June 12, 2020–Nick Timiraos (subscription)The Federal Reserve said severe disruptions in the U.S. labor market related to the coronavirus pandemic were hitting workers with lower earnings, including …
Homeowners Also Game the System
UExpress, June 12, 2020–Lew SichelmanMuch has been written about government abuse during the COVID-19 pandemic. Plenty has been said, too, about how some well-heeled businesses have snatched up government loans …
Congress Confronts Summer Deadlines for Stimulus Spending Decisions
Wall Street Journal, June 11, 2020–Kate Davidson, Nick Timiraos (subscription)With the Federal Reserve pledging to do whatever it can to pull the U.S. out of a recession, it is now …
Self-Employed Borrowers Face New Scrutiny from Fannie, Freddie
Orange County Register, June 11, 2020–Jeff LazersonNearly one in 10 U.S. workers is self-employed, according to the U.S. Bureau of Labor Statistics. If you own 25% or more of a …
California Tables ‘Mini-CFPB’ Idea–for Now
American Banker, June 11, 2020–Kate Berry (subscription)With days to go before a key deadline for California legislators, a plan to establish a new state consumer financial protection agency is shrouded …
Why Lenders are Wary of FHA’s Terms for Buying Loans with Forbearance
National Mortgage News, June 10, 2020–Bonnie Sinnock (subscription)Lenders are concerned about a risk requirement imposed by a recent Federal Housing Administration measure aimed at opening up homeownership opportunities that might …
U.S. Households’ Net Worth Had Record Fall in First Quarter
Wall Street Journal, June 11, 2020–Paul Kiernan (subscription)The net worth of U.S. households saw a record decline in the first three months of this year as the coronavirus pandemic sent …
Second Pandemic Wave Would Inflict Big Economic Cost, Says OECD
Wall Street Journal, June 10, 2020–Paul Hannon (subscription)A second wave of lockdowns to counter a resurgent novel coronavirus would deal a terrible blow to a global economy already facing a …