The Hill, Apr. 25, 2018–Naomi JagodaRepublican lawmakers and prominent conservative leaders such as Grover Norquist say they want capital gains to be indexed to inflation, saying it would give the economy a boost. They are pursuing both legislation and regulatory action in an effort to achieve that goal.
Category: Top National News
HUD Proposes Raising Rent for People Receiving Federal Housing Subsidies
HousingWire, Apr. 25, 2018–Ben LaneAccording to HUD, Congress requires HUD-assisted households to provide 30% of their adjusted income toward rent while the government makes up the difference, up to a maximum amount. Under HUD’s proposal, that amount would increase to 35% of their net income.
Genworth Cuts its Mortgage Insurance Rates
HousingWire, Apr. 25, 2018–Kelsey RamirezGenworth Mortgage Insurance, an operating segment of Genworth Financial, announced Wednesday it will reduce its national monthly and single premium borrower-paid mortgage insurance rates.
Dozens of FHA Mortgagees Face HUD Actions
Mortgage Daily, Apr. 25, 2018HUD’s Mortgagee Review Board took actions against 20 FHA mortgagees during the past year.
Homebuyers are Stretching Their Budgets and Mortgage Limits to Win Bidding Wars
CNBC, Apr. 24, 2018–Diana OlickMore buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates. Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.
Mulvaney to Drop Public Complaints Against Firms, Change CFPB Name
National Mortgage News, Apr. 24, 2018–Rachel Witkowski (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney vowed to bankers on Tuesday that he would halt the agency’s actions against indirect auto dealers, stop posting consumer complaints online and change the bureau’s name.
Reg Relief in Limbo as House, Senate Refuse to Budge
National Mortgage News, Apr. 24, 2018–Neil Haggerty (subscription)A bill to provide community banks with regulatory relief remains stuck as House and Senate lawmakers are still at odds over whether to add provisions to the Senate effort.
Bill Would Force CFPB to Provide Better Guidance
Scotsman Guide, Apr. 23, 2018–Victor WhitmanThe bill would require the Consumer Financial Protection Bureau director to issue legally binding guidance. The Mortgage Bankers Association and other industry groups have long complained that the bureau has left companies to interpret civil judgments and consent orders when companies are punished for wrongdoing, and that the bureau only has published informal advice in select cases.
Mulvaney Response to CFPB Data Security Gaps Baffles Cyber Experts
American Banker, Apr. 23, 2018–Kate Berry (subscription)Acting Director Mick Mulvaney has said hundreds of Consumer Financial Protection Bureau-related data breaches justified his announcement in December that the agency would halt collecting personally identifiable information from companies it supervises. But industry experts say such a data freeze is unusual in the government; more unusual, they say, is that the CFPB apparently resumed data collection after only a few weeks, without investigating or remedying the cybersecurity problems that it identified.
Tax Changes Mean Mortgage-Interest Deduction Finds Fewer Takers
Wall Street Journal, Apr. 23, 2018–Richard Rubin (subscription)Meet the new mortgage-interest deduction. It’s smaller and much more concentrated among high-income households. In 2018, the deduction will save taxpayers $25 billion, down from $60 billion in 2017, according to estimates released on Monday by the Joint Committee on Taxation.