Urban Institute, Jan. 14, 2020–Laurie Goodman, Jim Parrott, Bob RyanThe authors assess the move by Fannie Mae and Freddie Mac to a single security, called the Uniform Mortgage-Backed Security.https://www.urban.org/research/publication/ironing-out-wrinkles-single-security
Category: Top National News
JPMorgan Profit Gets Boost From Trading, Underwriting
Reuters, Jan. 14, 2020–Multiple Staff JPMorgan Chase & Co (JPM.N), the largest U.S. bank, posted a 21% rise in quarterly profit on Tuesday, driven by strength in its trading business …
Latest Puerto Rico Earthquake Further Vexing Servicers
National Mortgage News, Jan. 13, 2020–Bonnie Sinnock (subscription)(A summary was not made available by the publication)https://www.nationalmortgagenews.com/news/latest-puerto-rico-earthquake-further-vexing-mortgage-servicers
FHA Wants Banks Back. Updating Servicing Could Be the Answer
American Banker, Jan. 13, 2020–Hannah Lang (subscription)The Federal Housing Administration has been trying to woo banks back to its program with the promise of lighter False Claims Act enforcement and …
How Multifamily Can Help the ‘Affordability Crisis’
Mortgage Professional America, Jan. 13, 2020–Kimberly GreeneMultifamily originations for 2018 totaled $339 billion, according to the Mortgage Bankers Association, and volume in 2019 was expected to reach $364 billion. Recently, …
Can California’s Mini-CFPB Pick Up Slack Left by Federal Agency?
American Banker, Jan. 10, 2020–Kate Berry (subscription)An effort by California to create a powerful state consumer protection bureau could have a significant impact on banks, debt collectors and other financial …
CFPB Issues No-Action Letter to Bank of America for Housing Counseling Services
National Mortgage Professional, Jan. 10, 2020–Phil HallThe Consumer Financial Protection Bureau issued a no-action letter to Bank of America regarding the Charlotte, N.C.-based financial institution’s funding arrangements with housing counseling …
New York Governor Vetoes Reverse Mortgage Co-op Bill
Reverse Mortgage Daily, Jan. 12, 2020–Matt H. WadeNew York State Senate Bill S03686, which was drafted in February of 2019 and which passed both the Senate and State Assembly in …
Deciding to Downsize
Forbes, Jan. 11, 2020 Baby Boomers (Americans born between 1946 and 1964) are sitting on over $6 trillion of home equity, according to the Mortgage Bankers Association.https://www.forbes.com/sites/chasehomelending/2020/01/10/deciding-to-downsize/#514cb92d31dc
California Governor to Unveil Plan for State CFPB
American Banker, Jan. 9, 2020–Kate Berry (subscription) California Gov. Gavin Newsom is planning to create a powerful state Consumer Financial Protection Bureau with expanded oversight of nonbank financial institutions and …