HousingWire, June 19, 2018–Ben LaneWells Fargo must face a lawsuit brought against the bank by the city of Oakland, Calif., which sued the bank in 2015 for allegedly steering minority borrowers into higher-cost loans.
Category: Top National News
Trump’s CFPB Choice Faces Uphill Battle–And That’s Part of the Plan
National Mortgage News, June 18, 2018–Kate Berry (subscription)President Trump’ choice of Kathy Kraninger to head the Consumer Financial Protection Bureau is already in trouble–and that may be just fine with the White House.
Mulvaney Likely to Stick Around at the CFPB for a While
Wall Street Journal, June 19, 2018–Yuka Hayashi (subscription)Mick Mulvaney could be around for a while as the acting chief of the Consumer Financial Protection Bureau, despite the Trump administration’s move to nominate a permanent successor.
Waters Calls for Stricter Oversight of Mortgage Servicers
ReverseMortgageDaily, June 18, 2018–Alex SpankoA bill introduced by Rep. Maxine Waters on Monday would bring greater oversight to servicers of single-family home loans, in response to what the California Democrat has called “bad behavior” from players in the industry.
Overhauling ‘Dark Ages’ FHA a Must for Housing Reform, HUD Says
National Mortgage News, June 18, 2018–Hannah Lang (subscription)HUD believes that a “critical element” of housing finance reform is the need to modernize the risk management and technology platforms at the Federal Housing Administration, said Adolfo Marzol, a top HUD official.
Regulation to Blame for 32% of Multifamily Production Expenses
National Mortgage News, June 15, 2018–Elina Tarkazikis (subscription)Regulation, on average, imposed by all levels of government accounts for 32% of multifamily development costs, according to the National Association of Home Builders and the National Multi Housing Council.
Ginnie Issuance Up But Jumbo Down, HMBS Plunges
Mortgage Daily, June 15, 2018Unpaid principal balance of Ginnie Mae mortgage-backed securities was $1.9597 trillion as of May 31.
Is GSE Capital Proposal an Academic Exercise–Or a Whole Lot More?
National Mortgage News, June 15, 2018–Hannah Long (subscription)As with anything in housing finance reform, analyzing a proposed capital framework for Fannie Mae and Freddie Mac starts with these massive caveats: the government-sponsored enterprises are still in conservatorship, and long-term reform is still way out of reach.
Commercial and Multifamily Delinquency Rates Hold Steady
National Mortgage Professional, June 14, 2018–Phil HallThe delinquency rates for commercial and multifamily mortgage loans were virtually unchanged from the fourth quarter of last year to the first quarter of this year, the according to the latest Commercial/Multifamily Delinquency Report issued by the Mortgage Bankers Association.
Banking Regulator Seeks to Walk Back Comments on Discrimination
Wall Street Journal, June 14, 2018–Ryan Tracy (subscription)Comptroller of the Currency Joseph Otting told the Senate Banking Committee said his review of low-income lending rules won’t undermine curbs on bias in banking, as he tried to walk back an earlier statement that he hasn’t “personally observed” discrimination.