Wall Street Journal, Aug. 27, 2019–Andrew Ackerman (subscription)The Trump administration is close to releasing a blueprint for overhauling Fannie Mae and Freddie Mac, two companies that back half of the nation’s $10 trillion mortgage market. The firms have been in government conservatorship since the 2008 financial crisis, and administration officials say it is time to return them to the private sector.
Category: Top National News
6 Banking Issues to Watch When Congress Reconvenes
American Banker, Aug. 26, 2019–Neil Haggerty, Joe Adler (subscription)When lawmakers return from their late-summer break on Sept. 9, there are a host of unresolved financial services issues facing them, including efforts to let bankers serve the marijuana industry to reforms of anti-money-laundering requirements.
FICO Scores for Refi Borrowers Reach Six-Year High, Ellie Mae Says
HousingWire, Aug. 26, 2019–Kathleen HowleyThe average credit score of borrowers who refinanced mortgages in July with loans backed by Fannie Mae and Freddie Mac rose to a six-year high, according to an Ellie Mae report. The score was 750, up from 742 in June.
Here’s Why You Might Want to Rethink Getting an Adjustable-Rate Mortgage
CNBC, Aug. 26, 2019–Sarah O’BrienIf you’ve been considering a mortgage with an adjustable rate, your reasons for going that route might be disappearing.
Regulators Aren’t Done Rolling Back Volcker Rule
American Banker, Aug. 25, 2019–Hannah Lang (subscription)Banks notched a clear victory this past week when regulators approved a significant rollback of the Volcker Rule. But the agencies aren’t finished revamping the Dodd-Frank Act restrictions on bank trading.
Millennial Mortgage Debt Levels Could Soon Top All Other Generations
National Mortage News, Aug. 23, 2019–Elina Tarkazikis (subscription)Millennial mortgage debt is on pace to reach levels higher than any other generation, according to Experian.
The Inverted Yield Curve is Doing Something Weird to Mortgage Rates
CNBC, Aug. 22, 2019–Diana OlickIt’s very odd to suddenly see ARMs showing higher interest rates than the traditional 30-year fixed, which is what Bankrate.com is currently showing for average purchase mortgage rates. Refinance rates are still lower for ARMs.
Phone Companies Ink Deal With All 50 States And D.C. To Combat Robocalls
NPR, Aug. 22, 2019–Brakkton BookerThe agreement, which amounts to a set of anti-robocall principles, is aimed at combating and preventing the phone-ringing annoyance. The tech giants will also provide other call blocking and call labeling for those customers who want more screening tools.
As U.S. Watchdog Retreats, Mortgage Firms Reprise Cozy Marketing Arrangements
Reuters, Aug. 22, 2019–Katanga Johnson, Michelle PriceU.S. mortgage firms are getting back into joint marketing and advertising arrangements, reviving a controversial practice that was effectively banned in the aftermath of the 2007-2008 subprime mortgage crisis.
Fannie and Freddie Plan Is Likely Released Next Month
Wall Street Journal, Aug. 21, 2019–Andrew Ackerman (subscription)The proposal comes more than a decade after the government seized the mortgage-finance firms to save them from collapse. It would likely seek to put the companies on a sounder financial footing and then release them from government control if Congress doesn’t enact a more fundamental overhaul.