UExpress, Sept. 13, 2019–Lew SichelmanFour longtime friends from the Kansas City, Missouri, area don’t know it, but they are on the leading edge of a growing phenomenon in vacation homes. They are buying places collectively.
Category: Top National News
Would a Democratic President Fire CFPB’s Kraninger?
National Mortgage News, Sept. 12, 2019–Kate Berry (subscription) Republicans have long tried to defang the Consumer Financial Protection Bureau, but a Democratic victor in the presidential race could actually be the first to mount a constitutional challenge to the agency’s leadership.
Trump Administration Working to End Fannie/Freddie Profit Sweep in September
HousingWire, Sept. 12, 2019–Kelsey RamirezDepartment of the Treasury Secretary Steven Mnuchin said the administration is currently looking to end the profit sweep of Fannie Mae and Freddie Mac.
Deal Allows Risky Home Loans for ‘Business Purposes’
Riverside Press-Enterprise (Calif.), Sept. 12, 2019–Jeff LazersonNow there is a bright line lifting consumer protections against unlimited points, high rates, balloon payments and prepayment penalties for every financially desperate borrower who can’t get a mortgage through institutional channels. Such loans now are possible so long as he or she provides a business purpose.
FHFA’s Calabria Details Next Steps on GSE Reform
National Mortgage News, Sept. 11, 2019–Hannah Lang (subscription)A day after Federal Housing Finance Agency Director Mark Calabria testified in front of lawmakers about the administration’s plans for ending the conservatorship of Fannie Mae and Freddie Mac, he offered new details about his timeline and vision for reform, including what options are on the table for building capital.
House Passes Five Bipartisan Financial Services Bills
American Banker, Sept. 11, 2019–John Heltman (subscription)The House passed five bipartisan financial services bills aimed at issues ranging from rural housing assistance to the backlog of appraisals for Federal Housing Administration loans.
Mortgage Bankers Applaud Treasury’s Plan for Housing Finance Reform
Financial Regulation News, Sept. 10, 2019–Dave KovaleskiThe Mortgage Bankers Association commended the Treasury Department on its plan to reform the housing finance system. “The reports recognize the need to better coordinate the roles of FHA and the GSEs,” said MBA President and CEO Robert Broeksmit, CMB.
Officials Spar with Senators over Plan for Mortgage Giants
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.
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.