Mortgage Daily, Mar. 16, 2018The nation’s mortgage insurance companies are warning about a new pilot program that enables Freddie Mac to bypass traditional mortgage insurance.
Category: Top National News
For Sale: A $2 Billion Tower From the ’60s
Bloomberg, Mar. 19, 2018–David M LevittLast year, Chinese conglomerate HNA bought 245 Park Ave., a late 1960s-era building that’s home to JPMorgan Chase & Co., paying one of the highest prices ever for a New York office property. Values have since dropped and HNA faces the challenge of selling a building that’s starting to lose some of its gold-plated tenants and in need of improvements that could cost its new owner more than $1 billion.
Banking Bill Clears Senate, Could Make Mortgages Easier to Get at Local Banks
CNBC, Mar. 15, 2018–Sarah O’BrienThe Senate passed a bill on Wednesday that aims to ease banking regulations, potentially making it easier for consumers to get a mortgage from a community bank or credit union.
1,000 Cuts to Dodd-Frank: Senate Bill Part of Deregulation Wave
Bloomberg, Mar. 15, 2018–Yalman OnaranSince President Donald Trump signed an executive order last year seeking ways to ease banking rules prompted by the global financial crisis, much has happened–but not much has been completed.
House Will Not Pass Current Senate Bill Easing Bank Rules: Hensarling
Reuters, Mar. 15, 2018–Pete SchroederThe House of Representatives will not approve a bill easing bank rules passed by the Senate without additional provisions that would further relax regulations introduced after the 2007-2009 financial crisis, a leading lawmaker said on Thursday. The comments by Representative Jeb Hensarling, chairman of the House Financial Services Committee, inject new uncertainty into Congress’ first bipartisan attempt to rewrite the 2010 Dodd-Frank financial reform law.
Mortgage Subservicer Hiring Hundreds in Missouri
Mortgage Daily, Mar. 15, 2018Cenlar FSB opened an office in O’Fallon, Missouri. Cenlar is an employee-owned federally chartered wholesale bank.
Housing Market Needs an Explicit Government Guarantee
American Banker, Mar. 14, 2018–David StevensMBA President and CEO rebuts a recent op-ed calling for recapitalization of Fannie Mae and Freddie Mac, asserting such a strategy would “decimate the ability of community banks and smaller lenders to participate in the secondary mortgage market.”
The Senate Rolls Back Rules Meant to Root Out Discrimination by Mortgage Lenders
Washington Post, Mar. 14, 2018–Tracy JanThe mortgage industry says the proposed deregulation would cut costs and help smaller community banks remain competitive, enabling them to make even more loans. The Mortgage Bankers Association estimates that expanded data would still be collected on 95 percent of loans.
Bipartisan Push Begins in Congress to Change CFPB Leadership to Commission
HousingWire, Mar. 14, 2018–Ben LaneUnder the legislation, the Consumer Financial Protection Bureau would be renamed the Financial Product Safety Commission and would led by five commissioners, instead of one director as it is today.
Private Mortgage Insurers Reconsider Decision to Participate in Fannie Mae’s DTI Policy Change
Washington Post, Mar. 14, 2018–Kenneth R. HarneyA key policy change by mortgage giant Fannie Mae that offered homeownership to thousands of new buyers–many of them minorities–could face significant cutbacks. The reason: Private mortgage insurers are rethinking their decisions to participate.