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.
Category: Top National News
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.
MBA Releases ‘The Roadmap to CFPB 2.0’
National Mortgage Professional, Mar. 11, 2019–Phil HallThe Mortgage Bankers Association published “The Roadmap to CFPB 2.0,” a new paper that offers the trade group’s recommendations on strengthening the mission of the Consumer Financial Protection Bureau.
Takeaways from Trump Budget: CFPB Reform, FHA Fees and Student Loans
National Mortgage News, Mar. 11, 2019–Neil Haggerty, Kate Berry (free article)Republican lawmakers have sought to reform the CFPB’s funding every year since the bureau was created, in 2011, by proposing to add the agency to congressional appropriations. The president’s budget proposes much of the same. Yet it is unlikely that Congress–particularly the Democratic-controlled House–would enact such a measure.
Insurance Rates Seen Rising in Flood-Prone Areas With Trump Plan
Bloomberg, Mar. 12, 2019–Christopher FlavelleFEMA said it didn’t yet know what the effect of the new system would be on premiums. But rates are likely to go up in neighborhoods with the greatest exposure to flood risks, which could hurt property values in those areas, according to Michael Berman, a former chairman of the Mortgage Bankers Association.