Category: Top National News

New York Times, June 21, 2018–Matt Phillips, Jim TankerslyThe results of the first phase of the Fed’s annual “stress tests” showed that the country’s banks have more than enough capital to survive the combination of a recession, cratering of housing prices and double-digit unemployment.

HousingWire, June 20, 2018–Ben LaneThe groups tell the CFPB that the multifamily housing industry experiences “unwarranted regulatory burdens and privacy issues” due to the “unnecessary application” of HMDA reporting requirements on multifamily lending.

National Mortgage News, June 20, 2018–Hannah Long (subscription)HUD launched a process to amend its use of the “disparate impact” standard in fair lending rules. The legal standard, which can be used to punish lenders for discriminatory effects even if none were intended, has long been unpopular with banks.

National Mortgage Professional, June 20, 2018–Phil HalThe first mortgage default rate declined by two basis points from 0.68 percent in April to 0.66 percent in May, according to the latest data from S&P/Experian Consumer Credit Default Indices.

Mortgage Daily, June 20, 2018Mortgage servicing rights are being offered on 39,253 Fannie Mae and Freddie Mac single-family loans with a collective unpaid principal balance of $10.349 billion as of May 31.

National Mortgage Professional, June 19, 2018–Phil HallSen. Elizabeth Warren, D-Mass., said she would put a hold on the nomination of Kathy Kraninger to become the next Director of the Consumer Financial Protection Bureau, saying Kraninger “has no track record of helping consumers.”

Mortgage Daily, June 19, 2018The Office of the Comptroller of the Currency said the non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.

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.

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.

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.