Los Angeles Times, Jan. 18, 2018–James Rufus KorenDavid Eghbali said the actions that led to his firing and to a fine levied by the Consumer Financial Protection Bureau were part of his attempt to shield customers from fees demanded by the bank, including ones that Wells Fargo has since acknowledged were charged improperly.
Category: Top National News
Hurricane-Related Defaults Affect MGIC’s Capital Cushion
National Mortgage News, Jan. 18, 2018–Brad Finkelstein (subscription)Loan defaults associated with the three late summer hurricanes had a more immediate effect on MGIC Investment Corp.’s secondary market capital cushion than proposed changes by Fannie Mae and Freddie Mac.
Mulvaney Launches Public Review of Entire CFPB
National Mortgage News, Jan. 17, 2018–Kate Berry (susbcription)The Consumer Financial Protection Bureau said it plans to publish a series of requests for information in the Federal Register in the coming weeks asking for the public to weigh in on the agency’s enforcement, supervision, rulemaking, market monitoring and education activities.
Dan Gilbert Vows He Will Never Settle Department of Justice Lawsuit
Detroit Free Press, Jan. 18, 2018–John GallagherA long-running Department of Justice lawsuit against Quicken Loans comes up for a hearing Thursday afternoon before U.S. District Judge Mark Goldsmith in federal court in Detroit. And Dan Gilbert isn’t giving an inch.
Fannie-Freddie Regulator Urges Utility Mortgage Guarantors
Bloomberg, Jan. 17, 2018–Joe LightFederal Housing Finance Agency Director Mel Watt wrote that he and agency staff believe the mortgage market should be supported by shareholder-owned utilities with regulated rates of return and an explicit government guarantee of mortgage bonds.
Reg Relief May Have to Get in Line Behind Other Issues: Trump Official
National Mortgage News, Jan. 17, 2018–Ian McKendry (subscription)Mark Calabria, Vice President Mike Pence’s chief economist, struck a bearish tone Wednesday on the prospects for a financial regulatory relief bill, saying that it may need to wait in line behind other policy initiatives.
Credit Scores in Reperforming Loan Securitizations Drifting Lower
National Mortgage News, Jan. 16, 2018–Bonnie Sinnock (subscription)The weighted average FICO credit scores of securitized reperforming loans are showing some deterioration, according to a DBRS study of bonds issued since 2015.
9-Month Low for FHA Endorsements, Could Drop More
Mortgage Daily, Jan. 16, 2018New business at the Federal Housing Administration fell to a nine-month low, and a further drop is likely. Delinquency deteriorated. Meanwhile, the book of business continued to grow, HUD said.
GSE Refinance Volume Highest in 9 Months
Mortgage Daily, Jan. 16, 2018The number of government-sponsored enterprise mortgages refinanced climbed to the highest level in nine months. Government-backed refinances, though, continued to fade, the Federal Housing Finance Agency said.
Federal Reserve Fines Five Banks to Wrap Up Mortgage Servicing Charges
Reuters, Jan. 12, 2018–Pete SchroederThe Federal Reserve announced the fines against Goldman Sachs , Morgan Stanley, CIT Group, U.S. Bancorp , and PNC Financial as part of a broader effort to terminate enforcement actions begun in 2011 and 2012 against large banks for mortgage servicing shortcomings.