American Banker, July 5, 2017 (subscription)HSBC Holdings is in talks to resolve a U.S. probe into its sale of toxic mortgage bonds a decade ago, according to people familiar with matter, a negotiation that could offer an early look at how the Trump Justice Department will deal with global banks.
Category: Top National News
PHH Completes Sale of Fannie Mae MSRs
Mortgage Daily, July 5, 2017Proceeds from the sale of the mortgage servicing rights, which was originally announced back in December, amounted to $333.1 million.
Fed Officials Divided on When to Begin Balance-Sheet Unwind
Bloomberg, July 5, 2017–Craig TorresA divided Federal Reserve policy committee couldn’t reach agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting.
Mortgage Bankers, Trade Groups Want Meeting with Sessions over DOJ’s Fair Lending Enforcement
HousingWire, July 6, 2017–Ben LaneSeveral of the largest trade organizations in banking want to meet with Attorney General Jeff Sessions to discuss how the Trump administration’s approach to fair lending laws and if the current administration plans to enforce those laws any differently than the previous administration did.
‘If Not Now, When?’ Fed’s Powell on GSE Reform
National Mortgage News, July 6, 2017–John Heltman, Kate Berry (subscription)Federal Reserve Gov. Jerome Powell, who heads the agency’s supervisory committee, called on lawmakers Thursday to move more quickly in crafting legislation to reform the government-sponsored enterprises, saying that “we’re almost at a now-or-never moment here.”
HEL Performance Defies Overall Bank Deterioration
Mortgage Daily, July 6, 2017Delinquency of at least 30 days on consumer credit assets that are owned by banks fell to 1.56 percent as of the first quarter.
Monthly Bankruptcies by Consumers Decline
Mortgage Daily, July 6, 2017Compared to a month earlier, the number of consumers who resorted to bankruptcy last month was down by 4 percent.
U.S. Fed Buys $3.7 Billion of Mortgage Bonds, Sells None
Reuters, July 6, 2017The Federal Reserve bought $3.683 billion of agency mortgage-backed securities in the week from Jun. 29 to Jul. 5, compared with $5.107 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
CFPB Finalizes TRID Updates
National Mortgage Professional, July 7, 2017–Phil HallThe Consumer Financial Protection Bureau finalized updates to the TILA-RESPA Integrated Disclosure rule, also known as the “Know Before You Owe” rule, with amendments that the agency said were “intended to formalize guidance in the rule, and provide greater clarity and certainty.”
CFPB Cracks Down on ‘Credit Repair’ Companies
Washington Post, July 7, 2017–Kenneth R. HarneyTwo new legal settlements from the Consumer Financial Protection Bureau–involving more than $2 million in penalties against credit repair companies–offer mortgage applicants sobering reminders about what to avoid if you feel you need help with your credit.