HousingWire, Oct. 3, 2017–Brena SwansonFederal Housing Finance Agency Director Mel Watt once again pressed Congress on the urgent need for housing finance reform due to the looming deadline of the government-sponsored enterprises’ capital buffer timeline.
Category: Top National News
Lawmakers Berate Former Equifax CEO Over Huge Data Breach
New York Times, Oct. 3, 2017–Tara Siegel Bernard, Stacy CowleyMembers of Congress tore into Equifax on Tuesday, berating the company’s former chief executive for a breach of its computer systems that potentially exposed the sensitive personal information of more than 145 million Americans.
Private Flood Insurance Bill Avoids Costs of Floodplain Management
National Mortgage News, Oct. 3, 2017–Brian Collins (subscription)While lawmakers appear eager to help develop private flood insurance as an alternative to the federal program, some are worried that private policies won’t help support flood mapping and the enforcement of flood codes.
Biggest HECM Lenders
Mortgage Daily, Oct. 3, 2017The volume of HECM activity moved down from the preceding month, when FHA mortgagees generated 4,927 endorsements.
Wells Fargo to Refund Fees Charged for Mortgage Delays that Were Primarily Its Own Fault
Los Angeles Times, Oct. 4, 2017–Lauren RaabAs it looks to win back trust after a scandal over its sales practices, the San Francisco bank said it will reach out to customers who paid so-called “rate-lock extension” fees from Sept. 16, 2013, through Feb. 28, 2017, and give refunds to customers who don’t think they should have paid.
Senators Rip Credit-Reporting Model in Wake of Equifax Breach
Wall Street Journal, Oct. 4, 2017–AnnaMaria Andriotis, Michael Rapoport, Christina Rexrode (subscription)Senators questioning Equifax Inc.’s former chief on Wednesday attacked the business model of the credit-reporting industry, asking why consumers shouldn’t have power over the data that the companies collect on them.
Ocwen Dodges SEC Investigations; Settles with 3 More States
HousingWire, Oct. 4, 2017–Ben LaneOcwen announced the Securities and Exchange Commission concluded two different examinations of the nonbank’s business, and said that the agency will not be seeking enforcement actions in either matter.
CFPB Gives More Time to Reach Troubled Borrowers in Servicer Rule Revision
National Mortgage News, Oct. 4, 2017–Kate Berry (subcription)In an interim rule, the Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to send early intervention notices to distressed borrowers who have asked not to be contacted about collection of their debts.
Waters’ Bill Gives Power to Fed to Shut Down Megabanks
HousingWire, Oct. 4, 2017–Kelsey RamirezRanking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.
MSRs Being Auctioned on Over $300 Mil in GSE Loans
Mortgage Daily, Oct. 4, 2017MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction. California properties secure 52 percent of the loans in the offering.