Associated Press, Sept. 10, 2019–Marcy GordonTrump administration officials on Tuesday defended their plan to Congress for ending government control of mortgage finance giants Fannie Mae and Freddie Mac, clashing with Democratic senators on whether the change would raise home borrowing costs and neglect lower-income homeowners.
Category: Top National News
Path to a GSE Bill Still Fraught Despite Treasury Plan
National Mortgage News, Sept. 10, 2019–Hannah Lang (subscription)Senators’ examination Tuesday of the Trump administration’s housing finance reform plan made two things clear: Lawmakers feel urgency to move legislation, but addressing obstacles that have stalled congressional action for years still eludes them.
Fidelity National, Stewart Call of $1.2 Billion Merger after FTC Moved to Block Deal
HousingWire, Sept. 10, 2019–Ben LaneJust days after the Federal Trade Commission tapped the brakes on the $1.2 billion merger of Fidelity National Financial and Stewart Information Services, the deal that would have combined two of the country’s largest title insurance providers is now dead.
Fannie, Freddie Getting Closer to Retaining Their Earnings
Wall Street Journal, Sept. 9, 2019–Kate Davidson (subscription)Treasury Secretary Steven Mnuchin said Monday he expects an agreement soon to allow Fannie Mae and Freddie Mac to begin retaining their earnings, one of the first steps in the administration’s plan to return the mortgage-finance companies to private hands.
Enforcement Actions are Still a Tool in CFPB Arsenal, Kraninger Says
American Banker, Sept. 9, 2019–Hannah Lang (subscription)The Consumer Financial Protection Bureau is stepping up its enforcement actions after her predecessor had temporarily frozen the agency’s ability to use the tool, said Director Kathy Kraninger.
FTC to Block Fidelity’s Acquisition of Stewart on Competitive Grounds
National Mortgage News, Sept. 9, 2019–Brad Finkelstein (subscription)The Federal Trade Commission wants to block the merger of Fidelity National Financial and Stewart Information Services stating the deal would reduce competition for title insurance, including for large commercial real estate transactions.
US Mortgage Interest Tax Deductions Plummeted in 2018
24/7 Wall Street, Sept. 6, 2019–Paul AusickThe number of 2018 tax year returns claiming the mortgage interest deduction plunged from nearly 30.1 million in tax year 2017 to around 11.5 million in 2018, a drop of 62%. (MBA mention)
Housing Industry Rallies Around Trump’s GSE Reform Plan
HousingWire, Sept. 6, 2019–Kelsey Ramirez”The reports recognize the need to better coordinate the roles of FHA and the GSEs,” Mortgage Bankers Association CEO Robert Broeksmit said. “Such coordination must preserve affordable financing options for a wide range of borrowers and reflect the vital role FHA plays in the larger housing finance system.”
Apple Cashes in on Boom in Debt Refinancing…
CNBC, Sept. 8, 2019–ERic RosenbaumFor most homeowners who plan to stay in their residence for the long-term and received a mortgage in the last three years, it is worth looking at a refinance opportunity now, said Mike Fratantoni, chief economist at the Mortgage Bankers Association.
How Fannie and Freddie Have Changed Since the Crisis
Wall Street Journal, Sept. 8, 2019–Ben Eisen, Andrew Ackerman (subscription)The two mortgage giants have shed some risk, paid back their bailout and now report billions in income.