National Mortgage News, Nov. 7, 2017–Brian Collins (subscription)The Federal Housing Administration’s financial health is benefiting from continued reductions in delinquencies and foreclosures, but the FHA is also losing some of its best customers at a fast clip.
Category: Top National News
CFPB Sues Largest Debt Settlement Firm
National Mortgage News, Nov. 8, 2017–Kate Berry (subscription)The Consumer Financial Protection Bureau filed a lawsuit Wednesday against Freedom Debt Relief, the nation’s largest debt-settlement services provider, and its co-CEO Andrew Housser for allegedly deceiving consumers.
CFPB Still Pushes Zillow to Settle RESPA Claims…
HousingWire, Nov. 8, 2017–Brena SwansonAfter first revealing the news earlier this year, Zillow still hasn’t come to an agreement with the Consumer Financial Protection Bureau over possible violations of the Real Estate Settlement Procedures Act.
Is HUD Close to Reinstating FHA Mortgage Insurance Premium Cuts?
HousingWire, Nov. 8, 2017–Kelsey RamirezDuring the National Association of Realtors Conference, Beth Zorc, HUD acting general counsel and principal deputy general counsel, said HUD is “continuing to look at the issue and will have additional information to share later in November and will make its decision based on the health of FHA’s Mutual Mortgage Insurance Fund.”
Kill the Mortgage Deduction? Good Luck With That
Bloomberg, Nov. 8, 2017–Stephen MihmFrom its dubious beginnings a century ago, the mortgage interest deduction has shown a remarkable resilience, frustrating generations of idealistic reformers. If there’s a mindless zombie in the tax code, this is it: a purposeless tax break that just refuses to die, no matter how many opponents try to bury it.
Mortgage Subsidies Take Center Stage in Tax Debate
Scotsman Guide, Nov. 13, 2017–Victor WhitmanIn a letter to leaders of the Senate Committee on Finance, MBA President David Stevens praised that the plan preserves the interest deduction with the current $1 million cap on mortgage debt. MBA has issues, though, with its proposal to eliminate deductions on local property taxes, and also removes the interest deduction on home equity lines of credit.
Senate Lawmakers Reach Deal to Ease Post-Crisis Bank Rules
Wall Street Journal, Nov. 13, 2017–Andrew Ackerman, Ryan Tracy (subscription)The bipartisan agreement released Monday, between Republicans led by Senate Banking Committee Chairman Mike Crapo of Idaho and a group of moderate Democrats, would exempt banks with up to $250 billion in assets from heightened oversight from the Federal Reserve, up from a current threshold of $50 billion.
Thousands of Groups Call on Congress to Use MID Savings for Low-Income Housing
HousingWire, Nov. 13, 2017–Kelsey RamirezA huge coalition featuring thousands of organizations, state and local governments, and elected officials joined together to call on Congress to use the savings derived from any changes to the mortgage interest deduction via the new tax reform bill to fund low-income housing.
MBS Issuance Slowest in 5 Months at Ginnie
Mortgage Daily, Nov. 13, 2017Securitizations on behalf of Ginnie Mae turned lower last month, falling to the slowest volume in five months. The weak performance came off of a record year.
Senate GOP Plan Would Delay Corporate Tax Cut, Protect Mortgage Interest Deduction
Washington Post, Nov. 9, 2017–Damian Paletta, Mike DeBonisSenate Republicans are forging their own path on the effort to overhaul the U.S. tax code, preparing a plan that would delay President Trump’s top business priority and blow up House Republicans’ carefully crafted compromise on state and local tax deductions.