Washington Post, Nov. 2–Damian Paletta; Mike DeBonis House Republican leaders on Thursday proposed legislation that would overhaul the U.S. tax code, slash corporate and individual income tax rates and jettison numerous tax breaks Americans and businesses have used for years to limit their tax bills.
Category: Top National News
Fannie Mae Makes $3Bn; One-Third of Single-Family Now Private Risk Transfer
HousingWire, Nov. 2, 2017–Jacob GaffneyThe largest financier of single-family homes in the nation, Fannie Mae, made $3 billion in the third quarter. That’s a decrease of $177 million from the second quarter of 2017 driven primarily by hurricane-related provision for credit losses.
Fannie Mae Keeping an Eye on Servicers’ Hurricane Response
National Mortgage News, Nov. 2, 2017–Bonnie Sinnock (subscription)Expected losses from the recent hurricanes put a dent in Fannie Mae’s third-quarter earnings and the mortgage agency is keeping a close eye on how its servicers manage the pressures of the recovery effort.
Ocwen Moves Closer to Profitability Amid Extensive Business Changes
HousingWire, Nov. 2, 2017–Ben LaneIt’s been a rough year for Ocwen Financial, but the company’s executives said Thursday that they believe they have the company pointed in the right direction.
MBA Weighs in on GOP Tax Plan
Scotsman Guide, Nov. 3, 2017–Victor WhitmanThe Mortgage Bankers Association expressed reservations about how the House GOP plan addresses the mortgage-interest deduction and other housing incentives. House Republicans rolled out a sweeping bill in the House Ways and Means Committee on Thursday.
Industry Heads Agree on Explicit Government Guarantee for Fannie and Freddie
Mortgage News Daily, Nov. 3, 2017–Jann SwansonMBA President and CEO David Stevens said calls to simply recapitalize the GSEs and allow them to operate without structural changes are misguided. Such plans could be reversed by future FHFA directors and “likely embolden those who seek private profit at the expense of sound public policy.”
Cohn Says New Mortgage Deduction Limit Won’t Hurt Housing Market
Bloomberg, Nov. 3, 2017–Alex LeondisWhite House Economic Adviser Gary Cohn said “The ability to deduct interest is a component that allows you to buy a bigger house, not what drives you to buy a house.”
Equifax Clears Execs in Data Breach Insider Trading Probe
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.
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.