American Banker, Mar. 15, 2019–Hannah Lang (subscription)The Senate Banking Committee will hold two days of hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform. Robert Broeksmit, President and CEO of the Mortgage Bankers Association, and Vince Malta, president-elect of the National Association of Realtors, are among the witnesses slated to testify at the March 27 hearing.
Category: Top National News
Montgomery on FHA Streamlining of ‘Unnecessary and Outdated’ Regulations
DS News, Mar. 14, 2019–Stephanie BacotHUD released a pair of new mortgagee letters earlier this week, and now FHA Commissioner Brian D. Montgomery has spoken of how these latest changes reflect his commitment to further streamlining and improving FHA’s processes and providing fewer hindrances to lenders and servicers interacting with FHA.
Multifamily and CRE Loan Debt Sees Largest Rise Since Housing Bubble
National Mortgage News, Mar. 14, 2019–Paul Centopani (free article)Commercial and multifamily mortgage debt outstanding grew 6.8% in 2018, benefiting from strong employment numbers and strained inventory, according to the Mortgage Bankers Association.
Am I Accidentally Committing Mortgage Fraud?
The Mortgage Reports, Mar. 14, 2019–Peter MillerUnintentional mortgage fraud may seem impossible, but financial criminals can be cunning. They don’t come out and announce their illegal acts. Instead, they work diligently to confuse and compromise both lenders and borrowers.
Mortgage Bankers Association Releases Paper Detailing CFPB Reforms
Financial Regulation News, Mar. 13, 2019–Dave KovaleskiThe Mortgage Bankers Association released a report this week detailing changes it proposes to the Consumer Financial Protection Bureau. The paper, called The Roadmap to CFPB 2.0, seeks to ensure stability and consistent consumer protections in the CFPB’s practices and rules.
House Lawmakers Still Divided on Flood Insurance Reforms
American Banker, Mar. 13, 2019–Hannah Lang (subscription)The House Financial Services Committee debated a package of legislation Wednesday to reform and reauthorize the National Flood Insurance Program, a program that both Republicans and Democrats agree needs substantial changes.
Paul Manafort Indicted by Manhattan Prosecutors in Mortgage Fraud Scheme
NBC News, Mar. 13, 2019–Tom WinterManafort, President Donald Trump’s former campaign chairman, was indicted on 16 counts tied to residential mortgage fraud and conspiracy, according to the indictment unsealed Wednesday.
Housing Finance Reform Bill Coming by 2020: Crapo
National Mortgage News, Mar. 13, 2019–Melissa Angell (subscription)The Senate Banking Committee is planning to tackle legislative reform of the government-sponsored enterprises in the current congressional term, said Chairman Mike Crapo, R-Idaho.
Fed Chairman: Revisions to Community Reinvestment Act Implementation Must ‘Strengthen’ Law’s Mission
Wall Street Journal, Mar. 11, 2019–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said he was supportive of regulators’ continuing efforts to improve the way they implement the Community Reinvestment Act, a 1977 law that requires federally insured banks to promote lending to borrowers in low- and moderate-income areas.
Bill Would Cut Oregon Mortgage Interest Deduction for Second Homes, High Earners
The Oregoninan, Mar. 12, 2019–Elliot NjusLawmakers have proposed eliminating the state’s piece of the popular mortgage interest deduction for second homes and reducing it for high earners. Eliminating the write-off in those cases would raise $150 million.