Category: Top National News

HousingWire, Oct. 8, 2018–Ben LaneNewly sworn-in Supreme Court Justice Brett Kavanaugh believes the Consumer Financial Protection Bureau, as it is currently structured, is unconstitutional. And he’s written as much.

American Banker, Oct. 5, 2018–Neil Haggerty (subscription)At a Senate Banking Committee hearing last week, Fed Vice Chairman of Supervision Randal Quarles, Federal Deposit Insurance Corp. Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting and National Credit Union Administration Chairman J. Mark McWatters discussed their progress in updating capital requirements, modernizing how they enforce the Community Reinvestment Act and continuing to deal with the continuing enforcement issues at Wells Fargo.

National Real Estate Investor, Oct. 5, 2018–Shahin Yazdi Bridge loans may be the right financing strategy for value-add investors with a clear plan to increase property income.

Washington Post, Oct. 4, 2018–Michele Lerner The crisis is still in the forefront of the minds of everyone in the lending industry and influences their decisions, says Michael Fratantoni, chief economist of the Mortgage Bankers Association in Washington. “Many of the products that started the crisis aren’t around and the practices that started it are severely constrained,” he said.

National Mortgage News, Oct. 4, 2018–Bonnie Sinnock (subscription)Intercontinental Exchange, the owner of the New York Stock Exchange, has purchased the remaining equity in Merscorp Holdings it did not already own.

Bloomberg, Oct. 4, 2018–Adam TempkinWells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing. The $441 million non-agency bond will include top portions, which will be rated AAA, sources said.

Mortgage Daily, Oct. 4, 2018Ocwen Financial Corp.’s acquisition of PHH Corp., which has operated as an independent organization for more than a dozen years, has been completed.

HousingWire, Oct. 3, 2018–Jessica GuerinU.S. District Judge John C. Coughenour tossed out the suit, stating that the investor plaintiffs, in their attempt to prove that Zillow knowingly violated the Real Estate Settlement Procedures Act, actually proved otherwise.

National Mortgage News, Oct. 3, 2018–Paul Centopani (subscription)Seventy-one percent of financial services firms said customer expectations influence the methods they use to detect fraud, according to Transunion. However, many cyber securitizations lack real-time adjustments or result in poor user experience.

Mortgage Daily, Oct. 4, 2018Quarterly performance on bank-owned home-equity loans substantially deteriorated, an American Bankers Association report said.