CNBC, Jan. 7, 2019–Tucker HigginsIn a brief, an array of business groups including the Chamber of Commerce and the Mortgage Bankers Association wrote that applying Fair Debt Collections Practices Act protections to the foreclosure process would add “an additional, unwarranted layer of complexity in the foreclosure process, thereby harming both lenders and borrowers.”
Category: Top National News
House Diversity Panel a Double-Edged Sword for Banks
American Banker, Jan. 7, 2019–Neil Haggerty (subscription)A new House subcommittee planned by Democrats to focus on diversity in banking and financial inclusion is getting high marks not just from public interest groups but also industry groups that say it could foster regulatory reforms needed to reach more customers.
Watt Out: Occ’s Otting Officially Takes Over as Director
HousingWire, Jan. 7, 2019–Ben LaneGoing forward, the Federal Housing Finance Agency will be led by Comptroller of the Currency Joseph Otting, who was picked by President Donald Trump to serve as acting director of the FHFA while Mark Calabria is awaiting Senate confirmation to replace Watt on a permanent basis.
Federal Shutdown Creating Mortgage Victims
Chicago Tribune, Jan. 7, 2019–Kenneth HarneyWhen the government shuts its doors because of a funding brouhaha that pits the White House against Capitol Hill, who gets hit hardest among people needing a home mortgage? The latest version of federal breakdown made one fact painfully clear: It all depends on the type of loan you seek and where you’re located.
Challenges Mount for Mortgage Lenders as Shutdown Persists
American Banker, Jan. 4, 2019–Hannah Lang (subscription)Although the partial government shutdown has not yet been long enough to significantly hamper the mortgage market, lenders and borrowers may already be feeling the strain.
Servicers Treating Government Shutdown Like a Natural Disaster
National Mortgage News, Jan. 4, 2019–Paul Centopani (free story)As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.
Regulatory Competition is Hot Again–And That’s Worrisome
American Banker, Jan. 6, 2019–Kevin Wack (subscription)Before the financial crisis, federal and state regulators unabashedly pitched their charters to banks as the better choice. Now regulatory competition is back, despite warnings that such jousting might result in lax oversight.
Housing Bear Who Called 2018 Slowdown Says Worst Yet to Come
Bloomberg, Jan. 7, 2019–Prashant GopalJames Stack, who predicted the 2008 real estate crash and nailed last year’s housing slowdown with uncanny timing, is back with some bad news for 2019.
New Aircraft, Beers on Hold as Businesses Feel Shutdown Pain
Bloomberg, Jan. 4, 2019–Jennifer A Dlouhy, Ari Natter, Alan LevinDecember and January are quiet months in the real estate industry, but “if this goes beyond another week, it’s going to delay closings,” said Pete Mills, senior vice president of policy at the Mortgage Bankers Association.
New CFPB Chief’s Memo to Staff: Enforce Law, But Don’t Presume Guilt
National Mortgage News, Jan. 3, 2019–Kate Berry (subscription)Kathy Kraninger, the director of the Consumer Financial Protection Bureau, said in an email to staff that the bureau will “vigorously enforce the law,” but also must weigh the “costs and benefits to consumers” of enforcement activities and rulemakings.