Category: Top National News

Mortgage Orb, Dec. 12, 2018–Patrick BarnardPresident Donald Trump on Tuesday announced his intent to nominate Mark Calabria – who currently serves as chief economist for Vice President Mike Pence – to replace Mel Watt as director of the Federal Housing Finance Agency. (MBA mention)

American Banker, Dec. 12, 2018–Rachel Witkowski (subscription)Mortgages held by national banks has diminished by nearly half since the financial crisis, to $3.26 trillion in the third quarter, according to a report by the Office of the Comptroller of the Currency.

National Mortgage News, Dec. 11, 2018–Neil Haggerty (subscription)Kathy Kraninger’s first public remarks Tuesday as the new head of the Consumer Financial Protection Bureau struck a more moderate tone than that of her predecessor, acting Director Mick Mulvaney, who at times questioned the role of the agency he was chosen to lead.

HousingWire, Dec. 11, 2018–Ben LaneIn a proposal set to be introduced into the Federal Register soon, the Consumer Financial Protection Bureau is proposing new rules surrounding “no-action letters,” a bureau enforcement measure introduced under former CFPB Director Richard Cordray that’s designed to aid innovation in the financial markets.

The Hill, Dec. 11, 2018–Sylvan LaneKathy Kraninger is taking control of the Consumer Financial Protection Bureau at a pivotal moment for the powerful financial watchdog. The agency is mired in controversy, and Kraninger is facing mounting questions from both supporters and critics of the CFPB over how she will wield her immense powers as director.

American Banker, Dec. 11, 2018–Kate Berry (subscription)In Mick Mulvaney’s last significant move as acting director of the Consumer Financial Protection Bureau, the agency drafted a sweeping proposal removing the threat of legal liability for fintech companies that test products benefiting consumers.

Wall Street Journal, Dec. 10, 2018–Andrew Ackerman, Kate Davidson (subscription)The Trump administration is expected to soon announce that it plans to nominate Mark Calabria to become the director of the obscure but powerful Federal Housing Finance Agency, the regulator for the two companies. Calabria currently serves as chief economist to Vice President Mike Pence.

Reuters, Dec. 10, 2018–Dena AubinJPMorgan Chase Bank must face a lawsuit by California mortgage borrowers accusing it of violating state law by not paying interest on mortgage escrow accounts, a federal judge in San Francisco ruled on Friday.

HousingWire, Dec. 7, 2018–Ben LaneDelinquency rates on commercial and multifamily mortgages stayed nearly historic lows during the third quarter, the Mortgage Bankers Association reported this week.

Business Observer, Dec. 7, 2018Banks nationwide, by a big margin in some cases, are slowing down commercial real estate lending in most property categories.