Category: Top National News

American Banker, May 16, 2019–Kevin Wack (subscription)A federal judge has given preliminary approval to the proposed $240 million settlement of a lawsuit in which Wells Fargo stands to recover for financial losses the bank incurred as a result of its phony-accounts scandal.

National Mortgage News, May 16, 2019–Neil Haggerty (subscription)At a hearing with banking regulatory chiefs Thursday, criticism by members of the House Financial Services Committee about the Financial Accounting Standards Board’s Current Expected Credit Loss standard ranged from calling for a delay in its implementation to suggesting legislation that would stop the new standard from taking effect.

National Mortgage Professional, May 20, 2019–Phil HallBob Broeksmit, president and CEO of the Mortgage Bankers Association, challenged both Congress and federal regulators to ratchet up efforts in enacting sweeping new housing policy changes.

National Mortgage News, May 20, 2019–Christopher Whalen (Free content)As the Mortgage Bankers Association convenes its annual secondary market conference in New York, one of the big questions on the minds of many mortgage bankers, warehouse lenders and vendors is whether the market for nonagency or non-qualified mortgages, including home equity lines of credit, will really start to grow as an asset class.

National Mortgage News, May 20, 2019–Kate Berry (subscription)Kristen Donoghue, the assistant director for enforcement at the Consumer Financial Protection Bureau, has resigned, sources said.

Reuters, May 17, 2019–Roberta Rampton President Donald Trump said on Friday his administration was looking at alternatives to the conservatorship of mortgage giants Fannie Mae and Freddie Mac.

National Mortgage Professsional, May 17, 2019California Attorney General Xavier Becerra announced sentencing of Andrew Valles for operating a $2 million mortgage fraud scheme throughout Southern California. Valles was sentenced to 13 years in state prison, and restitution was ordered in the amount of $2.3 million.

National Mortgage News, May 17, 2019–Paul Centopani (subscription)The market for non-qualified mortgages has been robust thus far in 2019, offering a pragmatic option for otherwise viable borrowers, as long as lenders stay vigilant about pushing the envelope too far.

New York Times, May 16, 2019–Emily FlitterWhen Craig S. Phillips, a veteran Wall Street mortgage trader, agreed to join the Treasury Department as a top aide to Secretary Steven Mnuchin in 2017, his mandate was to overhaul the way that American home loans are guaranteed and then traded by the federal government. More than two years later, with that ambitious agenda far from fruition, Mr. Phillips is returning to the private sector.

MReport, May 15, 2019–Seth Wellborn”Guarantee fees are a critical risk management tool used by Fannie Mae and Freddie Mac to protect against losses,” said MBA President and CEO Robert Broeksmit, CMB. “Any increase of these fees that is not related to housing is effectively a tax on home ownership.”