Category: Top National News

MReport, June 3, 2019–Seth WellbornOn Monday, Fannie Mae and Freddie Mac marked completion of their Single-Security Initiative with launch of the Uniform Mortgage-Backed Security .

American Banker, June 3, 2019–Hannah Lang (subscription)Federal Housing Finance Agency Director Mark Calabria blamed “burdensome” homebuilding regulations at the local level for helping to drive up housing costs nationwide.

Wall Street Journal, June 3, 2019–Elizabeth Winkler (subscription)Mall-based retailers reported dismal earnings last week, reminding investors of the sector’s fundamental problems.

Bloomberg, June 3, 2019–Austin WeinsteinFannie Mae and Freddie Mac’s watchdog has a vision for ending U.S. control of the mortgage giants that hinges on the companies holding more capital. But that dream could run into a cold political reality of making home loans more expensive as President Donald Trump ramps up his re-election bid.

HousingWire, May 31, 2019–Jessica GuerinPolicymakers have long struggled with how to fix the Federal Housing Administration’s reverse mortgage program to prevent it from draining the agency’s mortgage insurance fund. But researchers are the Urban Institute have an idea: Fix the program’s servicing problems, which they call “one of the biggest drivers of losses in the HECM program.”

Mortgage Professional America, May 31, 2019–Kimberly GreeneSustained low interest rates are tempting homeowners to move into bigger homes–with larger mortgages–instead of staying put and refinancing their current property.

Bloomberg, May 30, 2019–Christopher MaloneyWashington says a major change in the mortgage-backed securities market could make home loans more affordable nationwide. Not everyone on Wall Street is so sure.

HousingWire, May 29, 2019–Ben LaneThe Consumer Financial Protection Bureau announced Wednesday an investigation into the business practices of BSI Financial Services found that the Texas-based mortgage servicer violated multiple federal laws over several years.

Charlotte Business Journal (N.C.), May 29, 2019–Caroline HudsonThe complaint involves First Franklin Financial Corp., which was acquired by Merrill Lynch & Co. Inc. in 2006. BofA then acquired Merrill Lynch in 2008. According to court documents, First Franklin sold defective mortgages to a residential mortgage-backed securities trust in 2007, but failed to inform U.S. Bank, who is acting as trustee.

New York Times, May 29, 2019–Stacy CowleyA New York State financial regulator is investigating a security vulnerability at First American Financial Corp., a title insurance company, that exposed an estimated 885 million records related to mortgage deals.