Category: Top National News

American Banker, June 18, 2019–Hannah Lang (subscription)Today the FHFA’s Office of Fair Lending Oversight is still somewhat under the radar. It has five employees, technically falls within the agency’s Division of Supervision and has left some observers unclear about its mission. But the new office has offered hope to consumer advocates who were alarmed at efforts by the Consumer Financial Protection Bureau and HUD to cut back on fair-lending enforcement.

National Mortgage News, June 18, 2019–Jon Prior (subscription)The bipartisan proposal aims to renew banks’ interest in low-income housing tax credits and bring more lower-priced homes to markets that badly need them.

National Mortgage News, June 18, 2019–Kate Berry (subscription)CitiMortgage has agreed to pay $7.8 million to more than 94,000 California homeowners for allegedly failing to pay 2% interest on escrow impound accounts, the state’s financial regulator said.

HousingWire, June 18, 2019–Jessica GuerinNew Residential Investment has agreed to purchase the stock and assets of Ditech’s forward mortgage originations and servicing business, while Mortgage Assets Management will acquire the stock and assets of Ditech’s reverse mortgage business, Reverse Mortgage Solutions.

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.

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.

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)

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.

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.

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.