National Mortgage News, Oct. 23, 2017–Kate Berry, Ian McKendry (subscription)With lawmakers poised to vote as early as this week on a measure overturning the Consumer Financial Protection Bureau’s arbitration rule, opposing sides in the arbitration debate–both in and out of government–are still battling over whose data is more credible.
Category: Top National News
Fannie and Freddie ‘Not Impacted’ by Deloitte Breach, GSEs Say
National Mortgage News, Oct. 10, 2017–Kate Berry (subscription)Fannie Mae and Freddie Mac were not impacted by a hacking incident in September against the accounting giant Deloitte, the companies said Tuesday, after a British newspaper alleged a server containing emails from government agencies was compromised.
Should CFPB Have More Power over Credit Reporting Agencies?
American Banker, Oct. 10, 2017–Kate Berry (subscription)While Republicans have argued that the Consumer Financial Protection Bureau’s oversight is too broad and needs to be dialed back, Director Richard Cordray is using the Equifax data breach to float the idea of expanded agency authority over the credit reporting bureaus.
Trump Says Sets Measure to Punish Companies that Outsource
Reuters, Oct. 10, 2017–Makini BriceThe bill would provide economic incentives for companies, Trump said in an interview published on Tuesday, and reward firms that maintain jobs in the United States, and deliver punitive measures against those that move operations offshore.
Wholesalers Offer HECM, Investor and Alt-Doc Loans
Mortgage Daily, Oct. 10, 2017–Sam GarciaAmong the latest wholesale lending offerings are federally insured reverse mortgages, investor loans and non-agency alternative documentation loans.
Opinion: Mortgage Insurance is a Vital Backstop
Scotsman Guide, Oct. 11, 2017–Linsdey JohnsonThe author, with U.S. Mortgage Insurers, says private mortgage insurance must be part of any comprehensive GSE reform effort. (MBA mention)
Predicting the Death of the Mall, One J.C. Penney at a Time
Bloomberg, Oct. 11, 2017–Rachel Evans, Claire BostonData analysis firm System2 identified an additional 197 J.C. Penney stores at risk of closing after the embattled retailer announced plans to shutter as many as 140 shops. System2 LLC said the outlets–from San Bernardino, Calif. to an Omaha, Neb. suburb–have a 64-plus percent likelihood of closing.
How Trump Tax Plan would Alter Mortgage Interest Deduction
Associated Press, Oct. 11, 2017Under President Trump’s tax proposal, some Americans would likely be steered away from this tax break. The plan would also eliminate many existing itemized deductions, so that some people who now itemize might end up paying more.
Over $3 Billion in GSE Mortgages for Sale
Mortgage Daily, Oct. 11, 2017Fannie Mae announced the offering Wednesday. The loans will be sold from its investment portfolio, which was reported at $244 billion as of Aug. 31.
Criminal Charges Dropped Against Bank But Not Execs
Philadelphia Inquirer, Oct. 11, 2017–Joseph N. DiStefanoWilmington Trust Corp. agreed Tuesday to pay $60 million and help federal prosecutors with their criminal case against four of its former top executives. As a result, the bank avoids a federal trial on charges it illegally concealed hundreds of millions of dollars in bad loans to developers from its own investors, bank examiners and the federal TARP bailout program during the last decade’s mortgage-finance crisis.