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.
Category: Top National News
Urban Institute to FHA: Fix Your Reverse Mortgage Servicing Problems
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.”
Could Low Rates Be an Incentive for Upward-Bound Homeowners?
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.
A $4 Trillion Plan Could Make or Break Dreams of U.S. Homebuyers
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.
CFPB Settles with BSI Financial Services over Numerous Mortgage Servicing Issues
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.
US Bank Sues BofA for Mortgage-Related Breach of Contract
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 Regulator to Investigate Exposure of Mortgage Documents
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.
Blackstone Starts Selling Out of Home-Rental Empire
Wall Street Journal, May 29, 2019–Ryan Dezember (subscription)The private-equity firm late Tuesday sold more than $1 billion of shares of Invitation Homes Inc., the giant single-family home landlord it launched following the financial crisis in a wager that many Americans would be willing to rent the suburban lifestyle they could no longer afford to own.
Here are 5 Things the CFPB Will Focus on in 2019
HousingWire, May 28, 2019–Kelsey RamirezThe Consumer Financial Protection Bureau recently published its spring 2019 rulemaking agenda, showing the regulatory matters it reasonably anticipates having under consideration through 2020.
Reading Between the Lines of CFPB’s Regulatory To-Do List
American Banker, May 28, 2019–Kate Berry (subscription)While the rulemaking agenda suggests some significant moves by the agency in the near future, it leaves out mention of other areas of interest, such as compensation standards for loan originators, a more complete revamp of the CFPB’s “Qualified Mortgage” standard and additional industry requests to water down the Dodd-Frank Act.