HousingWire, May 23, 2019–Jessica GuerinThe Congressional Budget Office released a report Thursday exploring four proposed solutions for lessening the cost and risk of the reverse mortgage program to the federal government. Reverse mortgages are insured by the Federal Housing Administration.
Category: Top National News
Four Indicted in GSE Multifamily Mortgage Fraud Scheme
National Mortgage News, May 23, 2019–Bonnie Sinnock (subscription)The 114-count superseding indictment alleges three people associated with real estate investor Morgan Management–CEO Robert Morgan, Project Manager Todd Morgan and Director of Finance Michael Tremiti–along with loan brokerage Aurora Capital Advisors’ owner Frank Giacobbe all engaged in a conspiracy to commit wire fraud and bank fraud against Fannie Mae and Freddie Mac.
GSEs in Favor of Retaining CRT Strategies, G-Fee Parity Post Reform
National Mortgage News, May 22, 2019–Bonnie Sinnock (subscription)Government-sponsored enterprise executives appearing at the MBA National Secondary Mortgage Conference say they want to continue to offer credit risk transfers and guarantee-fee parity after the GSEs are released from conservatorship, but they might not be able to.
Mortgage Refinance Booms are a Thing of the Past: MBA Chief Economist
National Mortgage News, May 21, 2019–Brad FinkelsteinThe era of plentiful refinance volume is over for the foreseeable future, the result of mortgage rates remaining in a very narrow band for the past decade, said Mortgage Bankers Association Chief Economist Mike Fratantoni.(free content)
How Acting Ginnie Mae Chief is Trying to Get to the Bottom of VA Refis
National Mortgage News, May 21, 2019–Bonnie Sinnock (subscription)Soon after acting Ginnie Mae Acting President Maren Kasper took the helm of the agency in January, she and other officials decided to step up efforts to address the issue of faster prepayments for loans backed by the Department of Veterans Affairs.
Fannie, Freddie Need Strong Capital Position to Exit Conservatorship: FHFA Chief
National Mortgage News, May 14, 2019–Hannah Lang (subscription)In his first public policy discussion as director of the Federal Housing Finance Agency, Mark Calabria stressed that a strong capital position will determine the future for Fannie Mae and Freddie Mac, eventually helping to lead them out of conservatorship.
Mortgage Borrowers Win Protection in Ditech Bankruptcy; Ditech Fights Back
HousingWire, May 14, 2019–Jessica GuerinThe long and winding saga of Ditech’s bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. But not long after the petition was granted, Ditech filed a motion objecting to such a committee, asking that it be disbanded or, alternatively, that the scope of its involvement be limited.
Gap Between Democrats, GOP on Bank Regulation Wide as Ever
American Banker, May 15, 2019–Neil Haggerty (subscription)Nearly nine years after the passage of the Dodd-Frank Act, Republican and Democratic lawmakers still live in alternative universes when it comes to financial regulatory policy.
Rise in Hurricane Recovery Times Could Strain Mortgage Servicers
National Mortgage News, May 15, 2019–Brad Finkelstein (subscription)The potential for longer homeowner recovery times from hurricanes could hurt mortgage companies that need to advance funds to investors from missed payments.
U.S. Poised to Let Phone Companies Block Robocalls
Wall Street Journal, May 15, 2019–Ryan Tracy, Sarah Krouse (subscription)Responding to widespread consumer complaints, the Federal Communications Commission says it will take steps to give phone companies permission to block unwanted robocalls.