National Mortgage News, Oct. 11, 2019–Brenan Pederson (subscription) The Office of the Comptroller of the Currency is fining Citigroup’s bank subsidiary $30 million over claims that it repeatedly violated federal …
Category: Top National News
No Mortgage: Single-Family Homes Built to Rent, Not to Buy
NPR, Oct. 7, 2019–Chris ArnoldIn the past year, developers around the country built more than 40,000 homes as single-family rentals.
Ruling Cuts Short Debt Collectors’ Victory Lap over CFPB Proposal
National Mortgage News, Oct. 7, 2019–Kate Berry (subscription)Debt collectors notched a victory when the Consumer Financial Protection Bureau proposed allowing more use of electronic communication. But industry lawyers are worried a recent court decision could thwart that plan.
Fannie and Freddie Get to Keep Their Earnings. Now What?
American Banker, Oct. 4, 2019–Hannah Lang (subscription)The recent announcement that Fannie Mae and Freddie Mac will be allowed to keep profits for the first time since 2012 was seen as a crucial early step in reforming the mortgage giants. But the news immediately shifted focus to a bigger question about their financial standing.
Federal Government Has Dramatically Expanded Exposure to Risky Mortgages
Washington Post, Oct. 2, 2019–Damian PalettaThe federal government has dramatically expanded its exposure to risky mortgages, as federal officials over the past four years took steps that cleared the way for companies to issue loans that many borrowers might not be able to repay. (MBA mention)
Judge Rules on Ocwen’s Mortion to Dismiss Florida Lawsuit
National Mortgage News, Oct. 2, 2019–Bonnie Sinnock (subscription)A federal judge granted in part and denied in part Ocwen Financial’s motion to dismiss Florida regulators’ case against the company, the last remaining of 30 state lawsuits filed in 2017.
New Residential Investment Buys Ditech Financial for $1.2 Billion
HousingWire, Oct. 2, 2019–Ben LaneJust one day after selling Reverse Mortgage Solutions to Mortgage Assets Management, the nonbank formerly known as Walter Investment Management sold off its forward mortgage business Ditech Financial to New Residential Investment for $1.2 billion.
This Widening Crack in the Mortgage Market Could Sink U.S. Home Prices
MarketWatch, Oct. 3, 2019–Keith JurowThe author says Wall Street and the news media have paid considerable attention to U.S. home mortgage modifications, but not much notice has been given to the growing problem of re-defaults on these modifications.
17% of Young Homebuyers Regret Their Purchase, Zillow Survey Shows
Reuters, Oct. 3, 2019–Lucia MutikaniComing on the heels of news this week that manufacturing activity plunged to a more than 10-year trough in September, the survey from the Institute for Supply Management on Thursday increased the risks of a recession. For now, a solid labor market is keeping the economy on a moderate growth path. (MBA mention)
Fannie Mae and Freddie Mac Now Appear to Be Here to Stay. How Did that Happen?
HousingWire, Oct. 3, 2019–Ben LaneWhen the federal government announced earlier this week that it would allow Fannie Mae and Freddie Mac to rebuild a portion of their capital reserves to a total of $45 billion combined as part of a plan to exit conservatorship, the message was clear: The government-sponsored enterprises are back and they’re not likely to go away any time soon.