National Mortgage Professional, June 17, 2019–Phil HallNew York State Attorney General Letitia James urged the Consumer Financial Protection Bureau not to adopt its recently-proposed rule that would undermine the ability to enforce fair lending laws and prevent discrimination in the mortgage lending market.
Category: Top National News
Despite Rising Home Prices, Experts Pop Bubble Fears
Bankrate.com, Jun 17, 2019–Natalie CampisiDespite housing starts of new homes rising in April, there continues to be a shortage of single-family units, says Joel Kan, associate vice president for industry surveys and forecasts with the Mortgage Bankers Association.
New Piggy-Back Loans Can Lower Your Payments When Buying a Home
Orange County Register, June 14, 2019–Jeff LazersonInnovative mortgage industry thinkers are creating mind-boggling second lien purchase money and cash-out financing instruments that will save mortgage shoppers armored cars of cash. (MBA mention)
Quicken Loans Vice Chairman Bill Emerson: Government Used ‘Extortionist Tactics’ to Pursue ‘Bogus’ Claims
HousingWire, June 14, 2019–Jessica GuerinQuicken Loans Vice Chairman Bill Emerson (and former MBA chairman) said the nonbank did not admit to any guilt and that the government realized its “bogus” claims were baseless.
Three Ways to Draw Private Capital Back into Mortgages
National Mortgage News, June 14, 2019–Edward DeMarco (subscription)Former Federal Housing Finance Agency Director says while bigger picture reform is debated, regulators should take steps today to rebalance public and private risk in the mortgage sector.
How an Obama Fed Appointee is Scuttling Wall Street’s Bid to Ease Rules
Reuters, June 14, 2019–Pete SchroederAs a U.S. Federal Reserve governor, Lael Brainard gets only one vote on proposals that come before the central bank’s board. Over the past year, she has used it to combat the Trump administration’s efforts to ease rules for Wall Street.
House Committee Passes Bill to Make FHA Loans Less Expensive
HousingWire, June 13, 2019–Jessica GuerinThe bill – H.R. 3141, “The FHA Loan Affordability Act of 2019” – would repeal FHA’s policy that requires borrowers to pay mortgage insurance for the life of the loan. Instead, payments would cease when the outstanding loan balance reaches 78% of the home’s original value.
Fed Publishes Report on what Bankers Want from CRA Reform
American Banker, June 13, 2019–Kate Berry (subscription)The Fed’s 24-page summary delves into the major concerns about reforming the Community Reinvestment Act, including updating assessment boundaries, evaluating how banks are tested, and clarifying which activities are eligible for CRA credit.
Dark Side of Reverse Mortgage Industry: Predatory Lending Hits Seniors
USA Today, June 13, 2019 (Editorial)The editorial asserts while the concept of allowing seniors to unlock the wealth they have in their homes is sound, the reality is that reverse mortgages add complexity and risk at a time in people’s lives when they should be reducing both. “When so many such loans are going into default, it’s a clear sign that something is amiss.”
Growth of Multifamily, CRE Loan Debt Shows Strong Interest in Sector
National Mortgage News, June 12, 2019–Paul Centopani (subscription)Commercial and multifamily mortgage debt outstanding grew 1.3% in in the first quarter of 2019, aided by low mortgage rates and the steady incline of property values, according to the Mortgage Bankers Association.