HousingWire, Nov. 3, 2017–Ben LaneFour Equifax executives were not aware of the massive data breach at the credit reporting agency when they sold off more than $1.5 million in company stock before the breach became public knowledge, the company said Friday.
Category: Top National News
A Broke, and Broken, Flood Insurance Program
New York Times, Nov. 4, 2017–Mary Williams WalshThe government-run National Flood Insurance Program is, for now, virtually the only source of flood insurance for more than five million households in the United States. This hurricane season, as tens of thousands of Americans seek compensation for storm-inflicted water damage, they face a problem: The flood insurance program is broke and broken.
Senate Tax Bill Likely to Keep $1 Million Mortgage Cap
Bloomberg, Nov. 6, 2017–Laura LitvanSenate tax writers are planning on keeping the mortgage interest deduction limit at $1 million, unlike the House legislation released last week that set a cap of $500,000 for new home sales.
FHA’s Endorsements Solidly Higher
Mortgage Daily, Nov. 6, 2017Residential endorsements jumped to the highest level in seven months at FHA, while commercial real estate activity was the highest in at least four years. Delinquency worsened, however.
Freddie Mac Warns Lenders About Selling System Outage
National Mortgage News, Nov. 6, 2017–Bonnie Sinnock (subscription)Users were having trouble accessing Freddie Mac’s selling system Monday afternoon, according to an alert issued by the government-sponsored enterprise.
FHFA’s Watt Defends URLA Language Preference Update
National Mortgage Professional, Oct. 24, 2017–Phil HallFederal Housing Finance Agency Director Mel Watt used his appearance at the Mortgage Bankers Association’s Annual Convention to defended his agency’s decision to include a new language preference question in the upcoming Uniform Residential Loan Application.
MBA Experts on GSE Reform: Where Does Risk Fall When it Comes to Reform?
HousingWire, Oct. 24, 2017–Brena SwansonAs conservations have slowly shifted from almost a joke to more of a serious possibility under the new administration, several experts at the Mortgage Bankers Association’s 2017 annual convention and expo weighed in on the probability reform and what lies ahead for reform.
HELOC Production Forecasted to Double
Mortgage Daily, Oct. 24, 2017Origination of new credit lines secured by residential properties is expected to double over the next five years thanks to improving market conditions, said TransUnion.
Big Mall Operator Does the Unthinkable–Builds a Mall
Wall Street Journal, Oct. 24, 2017–Suanne Kapner (subscription)On a bright August morning, GGP Inc., one of the country’s largest mall operators, did the unthinkable. It broke ground on a new shopping mall, a seemingly risky bet in a world where retailers are closing hundreds of stores and malls across the country are trying to reinvent themselves. It could be one of the last enclosed malls ever built in the U.S.
Stevens Will Step Down as Head of Mortgage Bankers Group
The Hill, Oct. 25, 2017–Vicki NeedhamDavid Stevens, who joined MBA in May 2011, will leave the association Sept. 30, 2018 after steering the group through the rocky post-financial-crisis era when mortgage bankers were under fire for shoddy lending practices.