MarketWatch, Feb. 13, 2018–Greg RobbA decade later, echoes of the financial crisis still linger in mortgage debt data, according to research released by the New York Fed on Tuesday.
Category: Top National News
Access and Affordability in the New Housing Finance System
Urban Institute, Feb. 13, 2018–Jim Parrott, Michael Stegman, Phillip L. Swagel, Mark M. ZandiIn this analysis, the authors assess how well the multi-guarantor system proposed in the draft bill under discussion in the Senate Banking Committee (as of February) would serve these households, concluding that they would do considerably better than they do under the system we have today.
Early-Stage Mortgage Delinquencies Dropped in Q4 2017
DS News, Feb. 12, 2018–David WhartonAccording to the MBA Fourth Quarter 2017 National Delinquency Survey, general downward trends for mortgage delinquencies continued as 2017 wrapped up, even after the impact of a historically damaging hurricane season.
How Trump’s Budget Affects CFPB, GSE Fees, Other Bank Priorities
National Mortgage News, Feb. 12, 2018–John Heltman, Ian McKendry (subscription)The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.
Mulvaney Unveils Sweeping Plan to Dramatically Alter CFPB
HousingWire, Feb. 12, 2018–Ben Lane”If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further,” Mulvaney said in a statement.
Fannie and Freddie Mortgages Face Higher Fees Under Trump Budget
Bloomberg, Feb. 12, 2018–Joe LightIn its 2019 spending plan released Monday, the administration asked Congress to raise the fees Fannie and Freddie charge to back payments on mortgage-backed securities by 0.1 percentage point, a move it said would reduce the federal budget deficit by $25.7 billion over the next decade.
Regulation Reduction Continues at CFPB
Mortgage Daily, Feb. 12, 2018The latest request for information from the Consumer Financial Protection Bureau marks the third in the past month as the Trump administration continues to reduce regulation on financial services providers.
Ocwen Jettisons Executive Vice President of Lending as Business Shift Continues
HousingWire, Feb. 12, 2018–Ben LaneOtto Kumbar was, until last week, Ocwen’s executive vice president of lending, but Ocwen disclosed Monday that Kumbar’s position was eliminated “in connection with the company’s previously disclosed strategic assessment of its lending business.”
Agency MSR Offering Has NY Concentration
Mortgage Daily, Feb. 12, 2018Mortgage servicing rights are being offered on 4,263 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $773 million as of Dec. 29.
Ten Years After the Crisis, Banks Win Big in Trump’s Washington
Bloomberg, Feb. 9, 2018–Robert Schmidt, Jesse HamiltonAs the 10th anniversary of the financial crisis approaches, many of the restrictions put in place to rein in Wall Street risk-taking are quietly being unwound.