National Mortgage News, Feb. 2, 2018–Ian McKendry (subscription)Housing finance reformers are pushing full steam ahead to get a bill introduced before the political calendar makes passage nearly impossible.
Category: Top National News
Lawsuit to Block Mulvaney from Leading CFPB is Dismissed
Reuters, Feb. 2, 2018–Jonathan StempelA judge has dismissed a lawsuit by a federal credit union in Manhattan that sought to block U.S. President Donald Trump from installing Mick Mulvaney as acting director of the Consumer Financial Protection Bureau.
U.S. Student-Loan Program Losing Money as Borrowers Seek Debt Forgiveness
Wall Street Journal, Feb. 2, 2018–Josh Mitchell (subscription)The U.S. student-loan program is rapidly headed toward becoming a net cost to the federal government, reversing years of projected profits, according to a government report released Friday.
CFPB’s Mulvaney Strips His Fair Lending Office of Enforcement
National Mortgage News, Feb. 1, 2018–Kate Berry (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney has stripped the agency’s fair lending office of enforcement powers in a sign that many consumer advocates see as trying to reduce oversight and penalties for firms that discriminate against borrowers.
Federal Reserve Plans Tougher Big-Bank Stress Tests This Year
Wall Street Journal, Feb. 1, 2018–Ryan Tracy (subscription)The Federal Reserve said Thursday that its stress tests for big banks will imagine a more severe economic downturn in 2018 than in last year’s version, as it announced the details of the hypothetical scenario banks must survive to pass the exams.
Deutsche Bank, Ocwen & Altisource Sued
Dayton Daily News (Ohio), Feb. 1, 2018–Thomas GnauThe National Fair Housing Alliance, with 19 fair housing organizations, iled a lawsuit Thursday in federal court against Deutsche Bank, Deutsche Bank National Trust, Deutsche Bank Trust Company Americas, Ocwen Financial Corp. and Altisource Portfolio Solutions Inc., for allegedly neglecting foreclosed and bank-owned homes in minority neighborhoods.
Tax Reform Takes a Bite Out of Radian’s 4Q Earnings
National Mortgage News, Feb. 1, 2018–Brad Finkelstein (subscription)The changes to the tax code reduced Radian Group’s fourth-quarter net income as the company took an incremental provision of $102.6 million.
Freddie, Ginnie MBS Issuance Lowest in 9 Months
Mortgage Daily, Feb. 1, 2018Issuance of fixed-rate mortgage-backed securities on behalf of Fannie, Freddie Mac and Ginnie Mae came to $100.114 billion during the first month of this year. Volume declined from December.
What CFPB Gained, Lost in Appeals Court Ruling
American Banker, Jan. 31, 2018–Kate Berry (subscription)A federal appeals court handed a major victory – and a significant defeat – to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency’s practice of making new interpretations of law through enforcement actions.
Draft of Senate GSE Bill Emerges
Bloomberg, Jan. 31, 2018–Joe LightThe draft, the result of discussions between Tennessee Republican Bob Corker and Virginia Democrat Mark Warner, gives the clearest view yet into how the senators aim to woo progressive politicians to back their plan for addressing mortgage-giants Fannie Mae and Freddie Mac. Support from those Democrats is likely needed to meet the 60-vote threshold for passing major bills in the Senate.