Category: Top National News

American Banker, Sept. 28, 2017–Kate Berry (subscription)A GOP report on the Consumer Financial Protection Bureau’s Wells Fargo investigation appears aimed at providing more ammunition for potentially ousting Director Richard Cordray, but its impact will likely be limited, observers say.

Reuters, Sept. 28, 2017–Brendan PiersonThe banks had challenged the 2015 award on multiple grounds, including that the loss of the securities’ value was largely caused not by any false statements, but by the broader financial crisis in 2008.

Mortgage Daily, Sept. 28, 2017The mortgage servicing portfolio grew at loanDepot LLC. Home-lending activity was also up on a quarter-over-quarter basis but down on a year-over-year basis.

HousingWire, Sept. 28, 2017–Ben LaneAt the core of each consent agreement is a stipulation that Ocwen move its servicing off of the REALServicing platform, its proprietary servicing platform, which is used to process and apply borrower payments, communicate payment information to borrowers and maintain loan balance information.

Bloomberg, Sept. 28, 2017–Shahien NasiripourMore student debtors are falling behind on their federal student loans, after three years of declines in late payments-and with no clear explanation, experts aren’t sure whether to take it as a sign of distress or a temporary blip.

National Mortgage News, Sept. 29, 2017–Brad Finkelstein (subscription)Mortgage lenders took on more risk in the second quarter as the share of loans to real estate investors and condominium owners increased, according to CoreLogic.

National Mortgage News, Sept. 29, 2017–Ian McKendry (subscription)The U.S. Chamber of Commerce along with 13 other business associations and five financial trade associations filed a lawsuit Friday against the Consumer Financial Protection Bureau, arguing that its rule banning mandatory arbitration agreements harms consumers.

HousingWire, Sept. 29, 2017–Brena SwansonThe Office of the Comptroller of the Currency noted the Consumer Financial Protection Bureau said analysts were unable to identify any evidence from the data to indicate companies that removed their arbitration agreements raised their prices.

HousingWire, Sept. 29, 2017–Ben LaneMorgan Stanley is nearing the end of its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year.

American Action Forum, Sept. 29, 2017–Douglas Holtz-EakinThe author states: “It is far past time for Congress to take on housing finance reform. It is a truly bipartisan issue, has large consequences for the growth of the economy and welfare of the middle class, and thus should be at the top of the policy agenda.”