Wall Street Journal, Oct. 25, 2017–Bart Higgins (subscription)Just when you think you have a handle on the brick-and-mortar retail crisis, the prognosis gets worse. More than 8,600 stores will close their doors in 2017, according to Credit Suisse analysts-a number that exceeds store closures during 2008, when America was in recession.
Category: Top National News
Housing’s Biggest Trade Groups Declare Support for Congressional Push to Change TRID
HousingWire, Oct. 26, 2017–Ben LaneA bill to change part of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule has bipartisan support in the House of Representatives and a coalition of many of the biggest trade groups in housing [including the Mortgage Bankers Association].
Bill Introduced to Eliminate FHA Life of Loan Insurance Premium
HousingWire, Oct. 26, 2017–Ben LaneThe bill would repeal the life of loan requirement and reinstate the FHA’s previous policy of requiring borrowers to pay mortgage insurance premiums until the outstanding principal balance reaches 78% of the original home value.
RBS to Pay $44 Million to Settle U.S. Charges it Defrauded Customers
Reuters, Oct. 26, 2017–Jonathan StempelRoyal Bank of Scotland Group Plc agreed to pay more than $44 million and enter a non-prosecution agreement to settle a Department of Justice criminal probe of traders accused of defrauding customers on bond prices.
MBA President: GSE Reform is Within Reach
Scotsman Guide, Oct. 27, 2017–Victor Whitman”Actions may take shape that will motivate members of Congress, particularly on the Senate Banking Committee, which I think is the most important voice on the subject to begin moving forward,” said MBA President and CEO David Stevens, CMB.
MBA Chairman on Trade Group’s Top 3 Priorities for Next Year
HousingWire, Oct. 27, 2017–Brena SwansonFresh into his new position as chairman of the Mortgage Bankers Association, Colonial Savings President Dave Motley discusses the next big initiatives for the association heading into 2018.
Treasury Calls for HUD to ‘Reconsider’ Use of Disparate Impact Rule
HousingWire, Oct. 27, 2017–Ben LaneThe section of the report in question focuses on HUD’s potential application of the disparate impact rule to the insurance industry, specifically homeowners’ insurance.
Inside Cordray’s Ill-Fated Gamble on CFPB Arbitration Rule
National Mortgage News, Oct. 26, 2017–Kate Berry (subscription)The stunning defeat of the Consumer Financial Protection Bureau’s arbitration rule didn’t have to happen. That was the message from critics and former agency officials who say the bureau erred in how it designed the final rule, putting too much emphasis on class action litigation as a panacea for consumers.
Barclays and U.S. Renew Talks Over Toxic Mortgages Lawsuit
Bloomberg, Oct. 27, 2017–Stephen MorrisBarclays Plc and the U.S. Justice Department, engaged in a legal battle over the suspected fraudulent sale of mortgage securities a decade ago, have revived discussions about reaching an out-of-court settlement.
In a Mortgage-Crisis Settlement, Did a Bank Get Off Easy?
New York Times, Oct. 27, 2017–Gretchen MorgensenWhen they announced the $5.28 billion deal, prosecutors cited it as evidence that the United States government can and will ride herd on large financial institutions if they engage in misconduct. A little more than six months later, it’s worth asking: How tough, really, was the settlement on Credit Suisse?