Category: Top National News

Bloomberg, Oct. 11, 2017–Shahein NasiripourNearly half of black Americans who borrowed from the federal government to attend college defaulted on their student loans-more than double the rate among white student debtors, according to new data from the Department of Education.

Politico, Oct. 13, 2017–Lorraine WoellertThe Mortgage Bankers Association said it is open to a rewrite of homeowner tax breaks as part of a broader reform package, adding to the political momentum in support of a mortgage tax credit.

Washington Examiner, Oct. 13, 2017–Joseph LawlerThe Mortgage Bankers Association have given a thumbs-up to the Republican tax reform framework, another indication that the GOP tax push so far is avoiding outright opposition from the important housing sector.

Mortgage News Daily, Oct. 13, 2017–Jann SwansonSignificant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be within the pre-crisis (2001-03) standard of 12.5 percent for the whole mortgage market.

Reuters, Oct. 13, 2017–Dan Freed, Sweta SinghWells Fargo & Co management signaled on Friday that the bank may struggle to hit expense targets through next year, raising questions about how much a sales scandal is weighing on the bottom line.

National Mortgage News, Oct. 13, 2017 (subscription)Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.

HousingWire, Oct. 13, 2017–Ben LaneEarlier this week, the attorneys general for 38 states sent letters to Experian and TransUnion, calling on the credit reporting agencies to stop charging consumers to freeze their credit. Each state has different rules around credit freezes, but in some states, it costs $10 to place a credit freeze on their account and another $10 if they want to lift the freeze.

HousingWire, Oct. 12, 2017–Ben LaneThe government’s proclivity to use the False Claims Act as a weapon against mortgage lenders could soon be coming to an end, Department of Housing and Urban Development Secretary Ben Carson told members of Congress on Thursday. Mortgage Bankers Association President and CEO David Stevens has said the government’s “misuse” of the False Claims Act is driving lenders away from FHA lending.

National Mortgage News, Oct. 12, 2017–Brian Collins (subscription)The Federal Housing Administration forward mortgage program is “doing extremely well,” and recent changes to its reverse mortgage program “will stop the bleeding” in losses to the agency, Housing and Urban Development Secretary Ben Carson said Thursday.

Scotsman Guide, Oct. 12, 2017–Victor WhitmanThe House Financial Services Committee moved forward two bills on Thursday aimed at providing clarity and regulatory relief for real estate lenders. H.R. 2148, which was supported by major trade associations like the Mortgage Bankers Association, did not alter the capital standards.