National Mortgage Professional, May 23, 2019–Phil HallThe House voted along party lines 231 to 191 to approve the Consumers First Act, a bill authored by Rep. Maxine Waters, D-Calif., Chair of the House Financial Services Committee, designed to reverse structural changes made to the Consumer Financial Protection Bureau while Mick Mulvaney was the agency’s Acting Director.
Category: Top National News
Senate Finalizes Deal on Disaster Aid Package
Politico, May 23, 2019–Marianne Levine, Burgess EverettThe multi-billion dollar disaster aid bill, which will assist states devastated by wildfires, hurricanes and flooding, comes after months of roadblocks.
Should Fannie, Freddie Be Labeled ‘Systemically Important?’
American Banker, May 23, 2019–Victoria Finkle (subscription)One of the bigger questions is whether the GSEs should be considered systemically important. Although this is a topic that has largely flown under the radar up to now, it may take on new significance under a Trump-guided Federal Housing Finance Agency.
Government Watchdog Considering Ways to Reduce Federal Costs of Reverse Mortgage Program
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.
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.