National Mortgage News, Feb. 25, 2019–Hannah Lang (subscription)The House Financial Services Committee will hold eight hearings in March to examine issues ranging from oversight of Wells Fargo to the allocation of disaster recovery funds, Chairwoman Maxine Waters, D-Calif., announced Monday.
Category: Top National News
Why Bubble-Era Home Mortgages are a Disaster Waiting to Happen
MarketWatch, Feb. 25, 2019–Keith JurowRemember all those sub-prime mortgages that blew up in 2007 and popped the housing bubble? The truth is these mortgages are still dangerous and could soon undermine the housing recovery.
Addressing the Outcomes of Nonjudicial Foreclosure
DS News, Feb. 21, 2019–Donna JosephOn Wednesday, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. (MBA mention)
Senate Panel Sets Vote on Calabria Nomination for FHFA
American Banker, Feb. 21, 2019–Neil Haggerty (subscription)The Senate Banking Committee will vote Tuesday on Mark Calabria’s nomination to succeed Mel Watt as director of the Federal Housing Finance Agency.
Through Acquisition, M&T Bank Expands Mortgage Servicing Business
Buffalo Business First, Feb. 21, 2019–Alissa KlineAccording to a regulatory filing, the Buffalo-based lender agreed to pay $146 million for the right to service a residential mortgage loan portfolio with an outstanding balance of $13.3 billion.
New Loan Allows 85% Cash Out with Less Documentation
Orange County Register, Feb. 21, 2019–Jeff LazersonSelf-employed borrowers now can qualify more easily for second fixed-rate loans.
Why Kraninger’s CFPB is Mandating Fewer Consumer Refunds
American Banker, Feb. 20, 2019–Kate Berry (subscription)The Consumer Financial Protection Bureau appears to have shifted away from requiring financial institutions to refund customers in response to enforcement actions.
Fed Prepares to End Balance Sheet Runoff Later This Year
Wall Street Journal, Feb. 20, 2019–Nick Timiraos (subscription)Federal Reserve officials agreed at their meeting last month to announce soon a plan to stop shrinking their $4 trillion portfolio of bonds and other assets later this year, according to minutes of the meeting released Wednesday.
Here’s Why the Housing Market Should Expect a Cash-Out Refi Boom
HousingWire, Feb. 20, 2019–Jessica GuerinHome equity levels are climbing while mortgage interest rates are falling, and this has some experts predicting an inevitable boom in cash-out refinances.
Four Lessons on Federal Crisis Response from 10 Years of Foreclosure Counseling
Urban Institute, Feb. 19, 2019; Corianne Payton Scally, Camille H. Anoli, Patrick SpausterThe NFMC program was designed and implemented by NeighborWorks America, a Congressionally chartered nonprofit organization. Based on our analysis of the NFMC program and its implementation, we identified four lessons that national policymakers can use as guide posts when responding to the next national crisis.