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.”
Category: Top National News
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.
House Won’t Accept Repeal of Local Tax Break, Brady Says
Bloomberg, Nov. 12, 2017–Ben Brody, Mark NiquetteThe House of Representatives wouldn’t accept a tax bill that, like the Senate’s, eliminates deductions for all state and local taxes, the chairman of the House’s tax-writing committee said.
Do Justice and HUD See Eye to Eye on False Claims Act Enforcement?
National Mortgage News, Nov. 10, 2017–Brian Collins (subscription)Trump administration officials have made clear their intent to reexamine how Federal Housing Administration lenders are cited under the False Claims Act, but whether that means lenders can rest any easier is still an open question.
DOJ Suing Northwest Trustee Services for Illegally Foreclosing on Veterans
HousingWire, Nov. 10, 2017–Ben LaneNorthwest Trustee Services, the “largest foreclosure trustee in the Pacific Northwest,” illegally foreclosed on dozens of military veterans and servicemembers over the last few years, the Department of Justice claims in a new lawsuit.