Category: Top National News

HousingWire, June 25, 2018–Kelsey RamirezOn Thursday, President Donald Trump released a massive proposal that, among other things, would end the government conservatorship of Fannie Mae and Freddie Mac, but now it looks as though that won’t be happening anytime soon.

HousingWire, June 25, 2018–Caroline BasileOn Monday, the U.S. Supreme Court declined to hear an appeal by the Royal Bank of Scotland Group and Nomura Holdings to overturn an order that requires them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae and Freddie Mac.

HousingWire, June 25, 2018–Ben LaneOcwen announced Monday that as “part of its ongoing efforts to reduce costs,” the company is electing not to renew its contract with Fitch for “various corporate ratings.” Ocwen also announced Monday that John Britti, the company’s executive vice president and chief investment officer, has been named interim CEO.

National Mortgage News, June 25, 2018–Bonnie Sinnock (subscription)Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax’s systems last year.

Mortgage Daily, June 25, 2018Genworth Mortgage Insurance is aligning its own guidelines with new government-sponsored enterprise requirements for manufactured housing transactions.

Bloomberg, June 22, 2018–Matt Levine (subscription)The author noted the Securities and Exchange Commission brings a lot of enforcement actions against a lot of people in its own internal courts. And for the past few years many of the people caught up in it-the people accused by the SEC of doing bad stuff-have complained that it is illegitimate.

The Hill, June 23, 2018–Sylvan LaneConsumer Financial Protection Bureau acting Director Mick Mulvaney is going to bat for his potential successor, and in doing so he’s poised to extend his influence at the watchdog agency. Mulvaney, who doubles as head of the White House Office of Management and Budget, has emerged as a key proponent of Kathy Kraninger, President Trump’s pick to be the CFPB’s full-time director.

Mortgage Daily, June 22, 2018A nationwide round of layoffs by Wells Fargo Home Mortgage will impact 400 employees.

Wall Street Journal, June 23, 2018–Julie Wernau (subscription)Brad Morrice’s firm, New Century Financial Corp., was the first major subprime lender to go bankrupt in 2007.

National Mortgage News, June 21, 2018–Joe Adler, Hannah Lang (subscription)The Trump administration proposed Thursday to rip off the Band-Aid from Fannie Mae and Freddie Mac, ending conservatorship of the mortgage giants and leaving them to raise their own capital in the private market. But the plan raises a whole host of questions and left many wondering whether it could advance.