National Mortgage News, Sept. 30, 2019-Hannah Lang (subscription)Mortgage giants Fannie Mae and Freddie Mac will be permitted to retain a combined $45 billion worth of earnings, the Federal Housing Finance Agency announced Monday, after holding only small capital cushions of $3 billion each for seven years.
Category: Top National News
Mortgage Market Not Open to Risky Borrowers (Despite What Some Say)
HousingWire, Oct. 1, 2019–Kelsey RamirezMortgage lenders are increasingly entering the non-qualified mortgage market, but does this mean we are going back to the old subprime days? The short answer: no. (MBA mention)
NFIP Extended Into November
National Mortgage Professional, Sept. 30, 2019–Phil HallPresident Trump has signed a continuing resolution that extends the National Flood Insurance Program until Nov 21.
MBA Backs House Bill to Support Home Shortage and Affordability Hurdles
National Mortgage News, Sept. 30, 2019–Paul Centopani (subscription)As the affordable housing crisis comes to a head, the Mortgage Bankers Association put up opposition to the “not in my backyard” mindset by getting behind the Yes, In My Backyard bill introduced by the House.
House Lawmakers Spar over CFPB Debt Collection Rule
American Banker, Sept. 26, 2019–Neil Haggerty (subscription)A House hearing on the future of regulating debt collectors showcased a sharp divide between Democrats and Republicans over a pending proposal by the Consumer Financial Protection Bureau.
Court Approves Ditech’s Sell-Off of Forward and Reverse Mortgage Businesses
HousingWire, Sept. 26, 2019–Ben LaneDitech Holding is one giant step closer to selling off its forward and reverse mortgage businesses after a federal bankruptcy court judge approved the company’s plan to sell to New Residential Investment and Mortgage Assets Management.
GAO Calls for More Scrutiny of Reverse Mortgage Servicing
National Mortgage News, Sept. 26, 2019–Bonnie Sinnock (subscription)The Federal Housing Administration should more closely monitor reverse mortgage servicers and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report.
Mortgage Fraud Risk Plummets Amid A Drop In Interest Rates
Forbes, Sept. 25, 2019–Brenda RichardsonAfter steadily increasing since late 2016, mortgage fraud risk plummeted by the end of the second quarter of 2019 thanks to lower interest rates that ushered in an influx of low-risk refinance transactions, according to a new report by data and analytics provider CoreLogic. The market also benefited from homes being bought by iBuyers.
New York Fed Boosts Size of Repurchase Operations
Wall Street Journal, Sept. 25, 2015–Daniel Kruger (subscription)The Federal Reserve Bank of New York said Wednesday it would increase the size of scheduled operations to provide short-term cash loans to financial firms.
Fitch: End of QM Patch Could Drive RMBS Losses
HousingWire, Sept. 25, 2019–Kelsey RamirezHigh loan-to-value loans could drive losses in residential mortgage backed securities as the Qualified Mortgage Patch expires, according to a new report from Fitch Ratings.