Category: Top National News

Associated Press, Aug. 29, 2017–Bernard Condon, Ken Sweet”There’s going to be a huge uninsured economic loss here,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.

Sentinel & Enterprise (Fitchburg, Mass.), Aug. 29, 2017–Philip DeFronzoThe author, founder and CEO of Norcom Mortgage, expresses support for MBA plan on GSE reform.

Scotsman Guide, Aug. 29, 2017–Victor WhitmanThe Trump administration announced Tuesday that it was raising the premiums for most reverse mortgages and lowering the maximum amount that can be borrowed in an effort to stem the tide of losses to the Federal Housing Administration insurance fund. The nation’s largest mortgage trade group, the Mortgage Bankers Association, praised the move as a way for the program to remain financially viable.

HousingWire, Aug. 29, 2017–Brena SwansonHUD is changing the requirements around its reverse mortgage program, announcing plans on Tuesday to raise premiums and place tighter loan limits.

Mortgage Daily, Aug. 29, 2017Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.

CBS North Carolina, Aug. 29, 2017–Robert RichardsonA six-year audit by the Special Inspector General for the Troubled Asset Relief Program found the agency spent thousands of TARP dollars on meals for employees. The audit found $3 million in improper expenses across 18 states which receive TARP funding, as well as the District of Columbia.

Barron’s, Aug. 30, 2017–Amey StoneMajor flooding in Texas is putting at risk about $19.4 billion in properties financed by commercial mortgage-backed securities, according to Morningstar Credit Ratings.

National Mortgage News, Aug. 30, 2017–Lalita Clozel (subscription)As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.

HousingWire, Aug. 30, 2017–Brena SwansonMortgage insurance premium cuts and HECM both impact the FHA’s flagship fund, the Mutual Mortgage Insurance Fund. The fund insures mortgages made by the FHA on single-family homes and pays the lender if the borrower defaults.

Mortgage Daily, Aug. 30, 2017VantageScore reported risk of default on new quarterly mortgage originations turned significantly higher as production plunged, though seasonal factors played a role.