American Banker, Apr. 29, 2019–Kate Berry (subscription)By refocusing the Consumer Financial Protection Bureau on supervision instead of enforcement, Director Kathy Kraninger says she wants to prevent consumer harm. But skeptics say the new approach could have the opposite effect.
Category: Top National News
CFPB Announces Debt Collection Town Hall as it Preps New Proposal
National Mortgage News, APr. 29, 2019–Kate Berry (subscription)The Consumer Financial Protection Bureau is poised to unveil a regulatory proposal by as early as next week on how it plans to reform oversight of debt collectors.
Commercial Mortgages Put into Special Servicing Increased in 2018
National Mortgage News, Apr. 29, 2019–Brad Finkelstein (subscription)Commercial mortgages placed into special servicing grew last year, but default and foreclosure dollar volume fell as legacy loan resolutions outpaced newly distressed loans, according to Fitch Ratings.
Mortgage Fraud Risk Rises for Ninth Consecutive Quarter
24/7 Wall Street, Apr. 29, 2019–Paul AusickThe national mortgage application fraud risk index rose from 151 to 152 quarter over quarter in the first quarter, according to researchers at CoreLogic.
Waters’ CFPB Bill Being Readied for House Consideration
National Mortgage Professional, Apr. 26, 2019–Phil HallThe House may soon vote on a bill introduced by Financial Services Committee Chairwoman Maxine Waters, D-Calif., that would roll back changes to the Consumer Financial Protection Bureau introduced during Mick Mulvaney’s term as Acting Director.
Urban Institute Urges CFPB to Release More Data on Multifamily Lendng
HousingWire, Apr. 26, 2019–Jessica GuerinThe Urban Institute said vague reporting of Home Mortgage Disclosure Act data is a roadblock that prevents analysts from understanding how well a lender is serving its community.
Boomerang Buyers: More People Who Lost Homes During Housing Crisis Are Buying Again
USA Today, Apr. 25, 2019–Paul DavidsonThere are signs a growing number of Americans who lost homes to foreclosure or a short sale during the housing crisis are buying again or planning to do so in the near future. Home price increases have moderated since last year and mortgage rates have fallen as wage growth has accelerated, creating a positive backdrop for boomerang and other buyers, said MBA Chief Economist Mike Fratantoni.
Morgan Stanley to Pay California $150 Million Over Mortgage Crisis Claims
New York Times, Apr. 25, 2019–Stacy CowleyMorgan Stanley agreed to pay $150 million to settle claims by the State of California that it misled investors about the risks of mortgage-backed securities sold to two state pension funds for teachers and public employees.
CMBS Market Update
Commercial Property Executive, Apr. 24, 2019–Jeffrey SteeleHow will CMBS origination stack up this year? After the first several months of 2019, signs continue to point to a significant decline in volume, though some observers contend the reduction could be less severe than expected. (MBA mention)
OCC Official Tied to Wells Fargo Scandal Lands Role Overseeing MidSize Banks
American Banker, Apr. 24, 2019–Kevin Wack (subscription)Last year, the former top regulatory official overseeing Wells Fargo stood accused of improperly disclosing sensitive information about a government investigation to the scandal-plagued bank. Now Bradley Linskens is getting a new job at the Office of the Comptroller of the Currency, where he has worked for more than two decades.