HousingWire, July 21, 2017–Jacob Gaffney[Friday was] the 7th anniversary of Dodd-Frank and the 6th anniversary of the Consumer Financial Protection Bureau. And here’s where we are: The big banks are still wearing blinders. And here’s the proof.
Category: Top National News
Building a Mortgage Meltdown for the Rental Market
New York Post, July 23, 2017–Nicole GelinasFor nearly 80 years, Washington has subsidized homeownership–creating massive distortions both in house prices and in what neighborhoods look like. Now the feds will subsidize rental homes as well – expanding government control over even more of the economy.
Alleged HECM Scheme Settled
Mortgage Daily, July 21, 2017The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.
Mortgage Interest Tax Break Has ‘No Effect’ on Homeownership, Study Finds
Wall Street Journal, July 24, 2017–Richard Rubin (subscription)The mortgage interest deduction, a sacred cow in the U.S. tax code, does nothing to promote homeownership, according to an academic paper released Monday, a finding that undermines one of the core justifications for the tax break.
Americans Pour Record Sums Into Home Improvements
Wall Street Journal, July 25, 2017–Laura Kusisto, Sarah Chaney (subscription)A shortage of new single-family homes across the U.S. is pushing up prices and locking many buyers out of the market. The silver lining: a boom in renovations of existing homes.
Ocwen Finalizes Deal to Sell $110 Million of MSRs to New Residential
National Mortgage News, July 24, 2017–Brad Finkelstein (subscription)Ocwen Financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million.
7 Facts About CFPB Mortgage and Debt Complaints
National Mortgage News, July 24, 2017–Elina Tarkazikis (subscription)Debt collection and mortgage issues make up about half of the 1.2 million complaints reported to the Consumer Financial Protection Bureau since it began accepting complaints in July 2011. Of these complaints, 272,153 are mortgage related.
CFPB Loses Court Battle over RESPA Violations
HousingWire, July 24, 2017–Brena SwansonA federal district court in Kentucky handed a victory to a Louisville, Kentucky law firm, Borders & Borders, after a long-standing legal battle with the Consumer Financial Protection Bureau over alleged Real Estate Settlement Procedures Act violations.
GOP Efforts to Repeal CFPB Arbitration Rule Off to Rocky Start
National Mortgage News, July 20, 2017–Ian McKendry, Kate Berry (subscription)House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau’s arbitration rule, but there were early signs that enacting them may prove challenging.
FDIC May Revive Three U.S. Bank Lawsuits Over Soured Mortgage Debt
Reuters, July 11, 2017–Jonathan StempelA federal judge granted the Federal Deposit Insurance Corp. permission to revive lawsuits against Citigroup Inc, Bank of New York Mellon Corp and U.S. Bancorp that he had dismissed last September, to recoup more than $695 million of losses on soured mortgage debt that a failed Texas bank once owned.