American Banker, Sept. 19, 2018–Neil Haggerty (subscription)A legislative proposal to create a federal standard on how firms notify customers of a data breach is prompting new preemption concerns among consumer groups and state regulators.
Category: Top National News
CFPB is Still in the Fair Lending Business, Mulvaney Says
National Mortgage News, Sept. 18, 2018–Kate Berry (subscription)Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Monday that he wanted to set the record straight by reiterating that the agency is “still very much in the fair lending business.”
1st Mortgages Outstanding Nearing All-Time High
Mortgage Daily, Sept. 18, 2018Equifax said the nation’s latest book of first mortgages stands not far from the record established in 2008, when there were $9.04 trillion in first-lien loans in place.
OCC’s Otting: Why do Regulators Want to Limit Consumer Choice?
American Banker, Sept. 18, 2018–Joseph Otting (subscription)The Comptroller of the Currency says the OCC’s decision to begin accepting applications for special purpose national bank charters from fintech companies promotes innovation, gives consumers and businesses greater choice and creates economic growth and opportunity.
The Death and Life of New York City Retail
Bloomberg, Sept. 17, 2018–Justin FoxManhattan has fewer retail establishments now than in 2001. But there are other boroughs and other uses of storefront space.
Growth in New CMBS Issuances Reduces Delinquency Rate: Fitch
National Mortgage News, Sept. 17, 2018–Brad Finkelstein (subscription)Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.
Hurricane Florence Creating Housing Shortage for Displaced North Carolinians
Wall Street Journal, Sept. 18, 2018–Laura Kusisto (subscription)Finding temporary housing for thousands of North Carolinians displaced by Hurricane Florence could prove more difficult than it was for those uprooted by other recent U.S. storms and hurricanes.
CFPB Tries Sweetening Pot for Firms Testing Disclosure Changes
National Mortgage News, Sept. 17, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is revamping a program to encourage innovation in consumer disclosures after an earlier effort drew little industry interest.
Homeowners are Sitting on a Record $6 Trillion in Equity But are Wary of Tapping It
MarketWatch, Sept. 14, 2018–Andrea RiquierAmerican homeowners have amassed a record $6 trillion in equity in their properties, a figure boosted by surging home prices and a trend of owners staying put longer. But rising interest rates and caution resulting from the housing troubles of a decade ago are limiting how much of that equity is getting tapped. (MBA mention)
Rent-to-Own a Dangerous Choice
UExpress, Sept. 14, 2018–Lew SichelmanThese arrangements rarely work out for the wannabe owners, but they are windfalls for the seller-landlords. Granted, some rent-to-own contracts are fair and equitable. But most are just backdoor deals that often prey on people who don’t have a big enough nest egg, or a high enough credit score, to meet normal lending standards.