Wall Street Journal, Jan. 27, 2020–Sarah Chaney (subscription)Housing markets across the world, from the U.K. to China to Australia, are losing steam, holding back prospects for the global economy that …
Category: Top National News
U.S. Bank Regulator Sharpens Teeth on Wells Fargo, Surprising Critics
Reuters, Jan. 24, 2020–Pete Schroeder, Chris PrenticeLong accused of being too soft, the Office of the Comptroller of the Currency surprised its critics with tough treatment of scandal-ridden lender Wells …
CFPB’s Backers Tell High Court That Agency’s Structure is Legal
American Banker, Jan. 24, 2020–Kate Berry (subscription)Defenders of the Consumer Financial Protection Bureau argue that Congress has broad authority to structure independent agencies and that the CFPB “fits comfortably” within …
CFPB Now Taking Friendlier Approach to Financial Abuses
HousingWire, Jan. 24, 2020–Ben LaneThe Consumer Financial Protection Bureau announced Friday that, effective immediately, it is changing its approach to “abusive” practices and limiting its own ability to pursue claims …
New FICO Score May Reduce Mortgage Defaults, But Will the GSEs Use It?
National Mortgage News, Jan. 23, 2020–Bonnie Sinnock (subscription)FICO plans to release a new suite of scores that could reduce defaults on newly originated mortgages by 17%, but home lenders may …
MBA, SIFMA Seek Alternatives to UMBS Pooling Changes
Asset Securitization Report, Jan. 23, 2020–Bonnie Sinnock (subscription)Trade associations representing mortgage lenders and securities market participants are asking the Federal Housing Finance Agency to rethink a plan to restrict pooling …
President Trump Says He ‘Could Get Used to’ Negative Interest Rates–Why You Shouldn’t Wish for that to Happen
MarketWatch, Jan. 2020–Jacob PassyA boom in refinances would also likely occur, as has happened in the U.S. every time mortgage rates have dropped to record lows, said Michael Fratantoni, chief …
OCC’s Otting Rules Out Longer Comment Period for CRA Plan
American Banker, Jan. 22, 2020–Brendan Pedersen (subscription)Comptroller of the Currency Joseph Otting appeared to rule out giving banks and community groups more time to comment on his agency’s Community Reinvestment …
MBA Cautions FHFA on “Waterfall Approach” in UMBS Pooling
National Mortgage Professional, Jan. 22, 2020–Phil HallThe Mortgage Bankers Association sent a pair of letters to Federal Housing Finance Agency Director Mark Calabria in response to a Request for Input …
Citibank Fined Nearly $18 Million for Flood Insurance Violations
American Banker, Jan. 21, 2020–Brendan Pedersen (subscription)The Office of the Comptroller of the Currency announced the civil money penalty on Tuesday, saying Citigroup’s main bank subsidiary violated the Flood Disaster …