Category: Top National News

Charlotte Observer, June 27, 2018–Deon RobertsBank of America Corp. intentionally failed to maintain homes it foreclosed on in black and Latino neighborhoods across dozens of U.S. markets while consistently caring for similar properties in white neighborhoods, according to a federal lawsuit filed this week.

Naional Mortgage Professional, June 26, 2018–Phil HallCommercial/multifamily mortgage debt outstanding rose by by $44.3 billion in the first quarter, according to new data from the Mortgage Bankers Association.

American Banker, June 26, 2018–Kate Berry (subscription)The U.S. Court of Appeals for the D.C. Circuit has been deliberating since April on whether Mick Mulvaney can continue as acting CFPB director. The three-judge panel appeared skeptical of the claim by Leandra English, the chief of staff under former CFPB Director Richard Cordray, that she is the rightful acting director. But the judges also raised questions about Mulvaney’s dual role running the bureau and the Office of Management and Budget.

National Mortgage News, June 26, 2018–Brad Finkelstein (subscription)The CFPB had argued that Ocwen’s narrative answers to how it managed escrow accounts should not be kept under seal because of the substantial public interest in the government’s enforcement action plus they did not contain trade secrets, Magistrate Judge William Matthewman noted in his ruling in a case being tried in the U.S District Court for the Southern District of Florida.

HousingWire, June 26, 2018–Ben LaneImpac and Starwood Property Trust announced a deal that could see Starwood buying as much as $600 million in non-QM loans from Impac over the next 12 months.

Mortgage Daily, June 26, 2018The nation’s largest mortgage insurance company, Arch MI, will not automatically align its own guidelines with guidelines for a new manufactured housing program from Fannie Mae.

Mortgage News Daily, June 25, 2018–Jann SwansonBoth the Mortgage Bankers Association’s first quarter Quarterly Mortgage Bankers Performance Report and an earlier release from Fannie Mae regarding results from its second quarter Mortgage Lender Sentiment Survey reported mortgage lender’s declining profits and gloomy outlook for improved financial results.

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.