HousingWire, July 9, 2019–Jessica GuerinThe Urban Institute recently released a study asserting that fast prepayments as a result of churning is driving up rates on all government mortgages by seven basis points, or 0.07%.
Category: Top National News
Government Bond-Market Measure Says Recession Risk Growing
Wall Street Journal, July 9, 2019–Daniel Kruger (subscription)The yield on short-term Treasurys has been higher than on long-term notes for more than 30 consecutive trading sessions, a sign that investors are concerned about the durability of the decadelong economic expansion.
Federal Banking Regulators Finalize Changes to Capital Rules
American Banker, July 9, 2019–Jon Prior (subscription)The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve finalized a plan Tuesday to ease certain capital rules but are taking more time on a part of the proposal tied to commercial real estate lending.
Report: Financial Services Industry Workforce Among Lowest Risk for Phishing Scams
National Mortgage Professional, July 5, 2019–Phil HallAmong industries facing potential phishing attacks, the employees of the financial services industry are among the lowest risk to fall prey to this form of digital attack, according to a new report from the security company KnowBe4.
Indiana Man Sentenced to Seven Years for Foreclosure Fraud
National Mortgage News, July 5, 2019–Brad Finkelstein (subscription)Phillip Yoder pleaded guilty to charges of wire fraud, bank fraud, mail fraud and bankruptcy fraud. He was sentenced to serve 87 months on the first three counts, which were related to foreclosure fraud, while he received 60 months for the separate bankruptcy fraud charges; those sentences will be served concurrently.
New York Condo Conversions Near the End, a Casualty of Rent Reform
Wall Street Journal, July 8, 2019–Josh Barbanel, Will Parker (subscription)A longtime New York City practice that promoted homeownership, transformed neighborhoods and enriched thousands of middle-class renters is effectively over. It ended on June 14, when a New York state law to strengthen tenant protections went into effect.
After Months of Floods and Tornadoes, Midwest Officials Tally Billions in Damage
Wall Street Journal, July 4, 2019–Erin Ailworth (subscription)As the swollen Mississippi and Missouri rivers slowly recede, communities across the Midwest are starting to add up the damage and make plans for repairs with the help of federal aid.
Debt Collectors Wage Comeback
Wall Street Journal, July 5, 2019–Yuka Hayashi (subscription)Debt-collection lawsuits have increased in some state and municipal courts, following a decline during a regulatory tightening after the financial crisis. Debt purchases by collectors are also rising, according to data by large publicly traded debt-collection companies.
Could American ‘Heroes’ Help Reverse Credit Unions’ Mortgage Declines?
Credit Union Journal, July 4, 2019–Palash Ghosh, Aaron PassmanJust in time for the Fourth of July, a handful of credit unions are rolling out programs to honor the military, first responders and teachers, all while hopefully adding a little extra juice to their mortgage portfolios.
No Relief Yet for Lenders Where False Claims Enforcement is Concerned
National Mortgage News, July 2, 2019–Brad Finkelstein (subscription)Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.