Category: Top National News

American Banker, Apr. 12, 2019–Neil Haggerty (subscription)Sens. Elizabeth Warren, D-Mass., and Thom Tillis, R-N.C., have introduced the Respect the Caps Act, which would explicitly bar Fannie and Freddie from transferring or delegating any duty or responsibility to the chief executive officer to any other position. It would also allow for the Federal Housing Finance Agency director’s removal if it approves compensation greater than the cap of $600,000 a year, which was signed into law in 2015.

American Banker, Apr. 14, 2019–Kate Berry (subscription)Debt collectors and trade groups that have met with CFPB Director Kathy Kraninger said the bureau will look at developing regulatory policy for modern communication practices including text messaging and emails that were not invented when the Federal Debt Collection Practices Act went into effect.

HousingWire, Apr. 11, 2019–Ben LaneBorrowers who do not fit into the Qualified Mortgage box now have an increasing number of options when it comes to finding a lender willing to help them buy a home.

Washington Post, Apr. 10, 2019–Renae MerleOne by one, the leaders of seven of the country’s largest banks told skeptical House Democrats on Wednesday that a decade after the global financial crisis, the industry is financially healthier and less risky.

National Mortgage News, Apr. 10, 2019–Bridget Berg (free article)The author, with CoreLogic, says home price gains and fewer loans in the marketplace are putting additional pressure on originators, possibly leading to riskier behaviors to maintain volumes.

HousingWire, Apr. 10, 2019–Ben LaneCaliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.

Wall Street Journal, Apr. 9, 2019–Laura Kusisto (subscription)House flipping is back to nearly the same level it was around the 2006 peak of the housing boom, when it became a symbol of the rampant speculation that soared before the bubble burst. But a new analysis from CoreLogic Inc. suggests most of the current flips are less risky than those more than a decade ago, making today’s flippers less likely to cause market volatility if prices decline in the next few years.

Wall Street Journal, Apr. 9, 2019–William G. Gale (subscription)The author says less than half as many American taxpayers are claiming the mortgage-interest deduction for 2018 as did the year earlier. “With any luck, the 2017 tax overhaul will prove to be only the first step toward eventually replacing the century-old housing subsidy with a more effective program.”

American Banker, Apr. 9, 2019–Rachel Witkowski (subscription)Senior officials at the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve briefed industry leaders at a conference last week on their discussions, providing further signs of momentum in efforts to develop an interagency CRA proposal.

HousingWire, Apr. 9, 2019–Jessica GuerinBen Carson said his critics have it all wrong–he is not trying to unravel the fair housing rules put into play by the Obama administration, he is trying to uphold them.