Banker & Tradesman (Mass.), Feb. 28, 2018A coalition of real estate trade associations and nonprofit housing counseling providers released its findings on steps that can be taken to increase the utilization of nationwide homeownership education and housing counseling services. (MBA mention)
Category: Top National News
Senate Readies Rollback of Bank Rules
Wall Street Journal, Mar. 1, 2018–Andrew Ackerman, Christina Rexrode (subscription)The bipartisan legislation, supported by the Trump administration and top Federal Reserve officials, would relax dozens of rules for small to medium-size banks, shaking up the banking sector with policy changes that could encourage deal-making and make it easier for banks to expand.
CFPB Has Plenty of Options for Slashing Its Budget
National Mortgage News, Feb. 28, 2018–Kate Berry (subscription)Mick Mulvaney, acting head of the Consumer Financial Protection Bureau, has made clear his desire to slash the agency’s budget, but what he plans to cut to meet his spending goals is more of a mystery.
How Ocwen Plans to Rebuild Servicing Scale with PHH Deal
National Mortgage News, Feb. 28, 2018–Bonnie Sinnock (subscription)Ocwen Financial Corp.’s $360 million acquisition of PHH Corp. presents an opportunity for the nonbank servicer to rebuild scale that’s been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.
BofA Asks Higher Court to Intercede in Countrywide Suit
MReport, Feb. 28, 2018–Radhika OjhaIn its filing to the court, the bank had said that the parties deserved clarity from the Ninth Circuit and should not be required to engage in unnecessary and expensive work that might be undone.
MSRs on Over $700 Million in Loans For Sale
Mortgage Daily, Feb. 28, 2018Ginnie Mae II loans account 2,426 of the units, while Fannie Mae A/A mortgages make up 1,504 units, and Freddie Mac ARC loans number just 36.
Senate Reg Relief Vote Could Come Next Week: Banking Committee Chair
National Mortgage News, Feb. 27, 2018–Ian McKendry (subscription)Senate Banking Committee Chairman Mike Crapo, R-Idaho, said Tuesday that he is hopeful that a bipartisan deal to roll back Dodd-Frank Act regulations will be able to get a floor vote as soon as next week.
Mick Mulvaney Promises Accounting for Business Costs in Rule-Making
Wall Street Journal, Feb. 27, 2018–Yuka Hayashi (subscription)The business cost of complying with rules will receive increased attention at a consumer-finance regulator, the agency’s acting director said, faulting the Obama administration for not giving enough consideration to such factors.
House, Senate Exploring How to Expand Reg Relief Bill: Top GOP Leader
National Mortgage News, Feb. 26, 2018–Ian McKendry (subscription)”Lot of conversations happening between House members and Senate members on expanding the package” before the Senate takes it up, Rep. Patrick McHenry, R-N.C., told reporters.
GE Cites Possible U.S. Sanction over Former Mortgage Unit
The Hour, Feb. 26, 2018–Alexander SouleIn its annual report Friday, GE disclosed it may record up to an additional $500 million in losses as a result of its former U.S. mortgage lending unit WMC, which has been under DOJ investigation for potential violations of the Financial Institutions Reform, Recovery and Enforcement Act.