Category: Top National News

National Mortgage Professional, Sept. 5, 2018–Phil HallA coalition of housing, mortgage financial services trade organizations issued a public letter to the Trump Administration and congressional leaders asking that reform efforts involving the government-sponsored enterprises be given a new degree of priority.

Wall Street Journal, Sept. 6, 2018–Cezary Podkul (subscription)When Lewis Ranieri invented mortgage bonds, he never thought it would turn out this way. The father of mortgage-backed securities lives with remorse for his role in the housing crisis.

Bloomberg, Sept. 6, 2018–Elizabeth DexheimerHouse Financial Services Chairman Jeb Hensarling, R-Texas, unveiled a proposal Thursday that would effectively shutter Fannie Mae and Freddie Mac. Their roles would be replaced by enabling private companies and Ginnie Mae to backstop the trillions of dollars of mortgage-securities that underpin the U.S. housing market. 

National Mortgage News, Sept. 6, 2018–Hannah Long, Neil Haggerty (subscription)The legislative path is extremely narrow for a new housing finance reform plan by House Financial Services Committee Jeb Hensarling, but it injected a dose of hope for progress on an issue that is more often stuck in neutral.

American Banker, Sept. 6, 2018–Penny Crossman (subscription)The fintech sector poses a growing risk to the financial system because it lacks the regulatory restraints put on banks, according to a new paper released Thursday by Federal Financial Analytics.

Marketplace, Sept. 6, 2018–Amy Scott”The system is in much better shape than it was before,” outgoing Freddie Mac CEO Donald Layton said. “All financial institutions have much stronger backing behind them, much higher capital ratios.”

American Banker, Sept. 7, 2018–Neil Haggerty (subscription)Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md., sent a letter to the Consumer Financial Protection Bureau and the Federal Trade Commission urging them to hold credit reporting agencies accountable. In September 2017, Equifax disclosed the breach that ultimately affected 148 million consumers.

HousingWire, Sept. 5, 2018–Ben LaneWith the 10-year anniversary of the government taking Fannie Mae and Freddie Mac into conservatorship approaching, a coalition of the housing industry’s largest trade groups and others is calling on the Trump administration and Congress to enact permanent reforms to the government-sponsored enterprises.

Scotsman Guide, Sept. 5, 2018–Victor WhitmanBanking trade groups, such as the Mortgage Bankers Association and American Bankers Association, have argued that HUD’s rule doesn’t align with the 2015 Supreme Court decision on disparate impact in the so-called Inclusive Communities case involving the Texas Department of Housing and Community Affairs and the Inclusive Communities Project.

Mortgage Daily, Sept. 5, 2018Freddie Mac CEO Donald Layton informed the company’s board of directors that he plans to retire; Freddie’s executive vice president and head of multifamily, David Brinkman, has been promoted to President.