National Mortgage News, Apr. 18, 2019–Brad Finkelstein (subscription)360 Mortgage is bringing back the no-income, no-asset loan, but says its $1 billion pilot’s guidelines differ from those of the NINA loans that contributed to the financial crisis.
Category: Top National News
Kraninger Outlines Her Vision of a Revamped CFPB
National Mortgage News, Apr. 17, 2019–Neil Haggerty (subscription)The Consumer Financial Protection Bureau should be focused on preventing consumer harm rather than merely handing fines against companies, Director Kathy Kraninger said Wednesday.
Debunking the Myth That Small-Dollar Mortgages are Riskier
Urban Institute, Apr. 17, 2019–Alanna McCargo, Sara StrochakThe authors found data show that small-dollar mortgage borrowers have comparable credit profiles to borrowers of midsize mortgages and that the loans perform similarly.
Senior HUD Official Named FHFA Deputy Director
National Mortgage News, Apr. 16, 2019–Hannah Lang (subscription)Adolfo Marzol, a senior official at the Department of Housing and Urban Development, has been named the principal deputy director of the Federal Housing Finance Agency.
Mortgages? Big Banks May Be Throwing in the Towel
MarketWatch, Apr. 16, 2019–Andrea RiquierIn the mortgage market of 2019, borrowers can do just about everything online, never meeting the lender behind the process. And as comments from executives of America’s biggest banks made clear last week, that person–or institution–making the loan is increasingly less likely to be a banker. (MBA mention)
What Retail Recovery? Malls Under Pressure as Stores Close
Wall Street Journal, Apr. 16, 2019–Esther Fung (subscription)Strong retail numbers last year from department stores Macy’s Inc. and Nordstrom Inc. raised hopes that the beleaguered mall industry would finally rebound. But recent developments this year are pointing to more trouble ahead.
Mark Calabria Takes Over as FHFA Director, Begins Push for Housing Finance Reform
HousingWire, Apr. 15, 2019–Ben LaneIn remarks delivered at his swearing-in ceremony at the Federal Housing Finance Agency, Calabria emphasized the pressing need for housing finance reform. “I enter this office with a great sense of urgency. One I hope you share,” he said.
Will Reg Relief Plan Bring Back Failure-Related Risks?
American Banker, Apr. 15, 2019–Hannah Lang (subscription)The proposal that the Fed drafted jointly with the Federal Deposit Insurance Corp. would tailor the requirements based mostly on institution size. U.S. banking companies with assets of between $100 billion to $250 billion would be exempted from submitting a resolution plan entirely, while larger firms could submit plans less often.
Trump’s Tax Overhaul Is Curbing Housing Activity, Fed Researchers Say
Bloomberg, Apr. 15, 2019–Shelly HaganPresident Trump’s tax reform is likely having a negative effect on the housing market, according to a newly published study by researchers at the Federal Reserve Bank of New York.
GE to Pay $1.5 Billion Fine over Subprime Mortgage Misdeeds
MarketWatch, Apr. 12, 2019–Andrea RiquierGeneral Electric will pay a civil penalty of $1.5 billion over subprime mortgage loans, the Department of Justice said Friday. WMC Mortgage, a GE subsidiary, and GE itself “misrepresented the quality” of the loans made by WMC, as well as the quality controls of GE’s mortgage bonds, the DOJ said in a filing.