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.
Category: Top National News
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.
Judge Dismisses CFPB’s Case Against Ocwen, But Will Let it Refile
National Mortgage News, Sept. 6, 2019–Brad Finkelstein (subscription)A federal judge in Florida dismissed the Consumer Financial Protection Bureau’s lawsuit against Ocwen Financial Services, stating the agency improperly asserted an excessive number of claims without specifying the particular count to which they applied.
Cheat Sheet: Trump Administration’s Road Map for GSE Overhaul
National Mortgage News, Sept. 5, 2019–Hannah Lang (free article)The Treasury Department made clear in a much-anticipated report that its ultimate preference is for Congress to take up reform of the government-sponsored enterprises. That legislation would include an explicit government guarantee, and a new Ginnie-provided backstop for guarantors competing on par with Fannie Mae and Freddie Mac.
Bank Industry Earnings Set Yet Another Record in 2Q: FDIC
American Banker, Sept. 5, 2019–Brendan Pedersen (subscription)The nation’s 5,303 FDIC-insured institutions earned net income of $62.6 billion, an increase of 4.1% from the same time in 2018 and another record $139 billion. The FDIC also attributed higher profits to growth in realized securities gains.