National Mortgage News, July 18, 2018–Brad Finkelstein (subscription)Continued favorable loss development trends allowed MGIC Investment Corp. to beat analyst estimates in its second-quarter earnings report.
Category: Top National News
Appeals Court Finds FHFA Structure Unconstitutional
DS News, July 17, 2018–Radhika OjhaThe shareholders contended that the Treasury and the Federarl Housing Finance Agency exceeded their statutory authority under the Housing and Economic Recovery Act of 2008 and challenged an agreement between the FHFA as conservator to Fannie Mae and Freddie Mac and the Treasury Department.
FHFA, Like CFPB, Finds Its Constitutionality in Doubt
National Mortgage News, July 17, 2018–Hannah Long (subscription)The question of what are appropriate checks on independent regulators continues to be a focus for courts around the country, but the issue has now extended way beyond the Consumer Financial Protection Bureau.
Nationstar Mortgage Plans More Cost Cuts Ahead of WaMu Acquisition
National Mortgage News, July 17, 2018–Bonnie Sinnock (subscription)A new round of expense reductions is getting underway at Nationstar Mortgage as the company moves toward its acquisition by WMIH Corp., a shell company holding Washington Mutual legacy businesses.
Four States Sue Federal Government over GOP Property Tax Law Changes
HousingWire, July 17, 2018–Ben LaneFollowing through on a threat made in January, New York, Connecticut, Maryland, and New Jersey are suing the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year.
Over $6 Billion in GSE Mortgages Sold
Mortgage Daily, July 17, 2018The sale involved four Fannie Mae pools containing a total of 26,900 single-family loans that have a collective unpaid principal balance of $6.14 billion.
Fed’s Powell Has Some Explaining to Do on Stress Test Moves
American Banker, July 16, 2018–Victoria Finkle (subscription)When Federal Reserve Chairman Jerome Powell faces lawmakers this week, one big question will almost certainly be: Is the central bank playing favorites among the big banks?
Monthly Issuance Rises at Ginnie Mae
Mortgage Daily, July 16, 2018Issuance of Ginnie Mae mortgage-backed securities amounted to $36.999 billion during June, according to data released Monday by the government-owned organization.
Top Housing Trade Groups Urge Congress to Extend National Flood Insurance Program
HousingWire, July 13, 2018–Alcynna LloydMore than 20 of the top housing trade groups [including the Mortgage Bankers Association] urged Congress to extend the National Flood Insurance Program.
Senate Dems Urge CFPB to Reinstate Advisory Board
National Mortgage News, July 13, 2018–Kate Berry (subscription)Sen. Robert Menendez of New Jersey and 24 other Senate Democrats have urged acting Consumer Financial Protection Bureau Director Mick Mulvaney to reinstate members of the agency’s consumer advisory board, who were fired last month, and to provide details on the firings.