HousingWire, July 19, 2017–Ben LaneTed Tozer stepped down as president of Ginnie Mae in January after serving seven years, and while the agency has still not found a permanent replacement, Tozer has found a new position.
Category: Top National News
A Primer on Subservicing Relationships
Mortgage Orb, July 19, 2017–Allen PriceAs lenders and banks continue to look for ways to reduce their leverage and risk by selling mortgage servicing rights, subservicers will play a larger role in the overall mortgage market.
Small Lenders to Congress: Here’s the GSE Reform We Don’t Want to See
HousingWire, July 20, 2017–Kelsey RamirezSmall lenders urged Congress to ensure a level playing field for all lenders at a Senate Banking Committee’s hearing Before the hearing, the Mortgage Bankers Association sent a letter to the Banking Committee, expressing its support for small lenders. It also emphasized that its proposal for secondary mortgage market reform supports the small mortgage lender market.
Ocwen Settles Lawsuit for $56 Million in Cash and Stock
National Mortgage News, July 20, 2017–Brad Finkelstein (subscription)Ocwen Financial Corp. agreed to settle a shareholder lawsuit for a cash payment of $49 million, plus 2.5 million shares of the company’s stock.
MBA’s Reform Plan Protects Small Lenders
Scotsman Guide, July 20, 2017–Victor WhitmanDavid Stevens, president and chief executive officer of the Mortgage Bankers Association, discusses how the MBA plan for GSE reform creates a level playing field for lenders regardless of size.
Carson Says HUD Will ‘Reinterpret’ Obama Fair Housing Rule after Republicans Ask for Repeal
HousingWire, July 20, 2017–Ben LaneThe rule in question is the “final rule” on Affirmatively Furthering Fair Housing, which requires that cities and towns that receive federal funding to examine their local housing patterns for racial bias and to design a plan to address any measurable bias.
Flood Insurance Reform Deal Adds Momentum to House Bill
National Mortgage News, July 21, 2017–Brian Collins (subscription)House Financial Services Committee leaders and two top real estate trade groups have cut a deal on a bill to reform the National Flood Insurance Program, which will add momentum to the legislation.
Happy Birthday Dodd-Frank: The Big Banks Learned Nothing
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.
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.