Category: Top National News

Mortgage Daily, May 30, 2017This summer, Fannie Mae is updating its automated underwriting system with more relaxed requirements for ratios, credit and adjustable rates.

Los Angeles Times, May 30, 2017–James Rufus KorenMortgage discrimination lawsuits filed by Los Angeles against Bank of America and Wells Fargo & Co. have hit a roadblock, with a federal appeals court saying the cases spurred by last decade’s housing bust lack merit.

Mortgage Daily, May 30, 2017In the midst of its own regulatory war, Ocwen Financial Corp. is accusing Fidelity Information Services LLC of fraudulent over billing for work required under a settlement with California.

Forbes, May 30, 2017–Trefis TeamThe total mortgage servicing portfolio at the the five largest U.S. banks continues to shrink at a rapid pace, as these banks now service under $3.4 trillion in outstanding U.S. mortgages – down from a figure of almost $3.7 trillion at the end of Q1 2017.

HousingWire, May 30, 2017–Kelsey RamirezOver the next five years, about 6 million Americans will have their bankruptcies disappear, possibly sending a flood of more homebuyers into the housing market.

Bloomberg, May 30, 2017–Matt ScullyDeutsche Bank AG chief John Cryan urged regulators in Europe to reject the same kind of heavy-handed rules for banks’ mortgage holdings that have been adopted by their American counterparts.

HousingWire, May 31, 2017–Brena SwansonA lack of bipartisan support derailed any chance of reforming Fannie Mae and Freddie Mac for years, but the Bipartisan Policy Center is set on correcting this as talks for reform start to resurface.

Bloomberg Markets, June 1, 2017–Light, Joe; Basak, Sonali Paulson & Co. and Blackstone Group LP are among investors backing a proposal that Fannie Mae and Freddie Mac be recapitalized and released from U.S. control without legislation. MBA President David Stevens said his group doesn’t believe Moelis’s proposal would sufficiently reform the market.

Mortgage Daily, June 1, 2017″This proposal is clearly self-serving and designed to confuse unsuspecting, innocent taxpayers into supporting a plan that is intended to line the pockets of hedge funds who invested in Fannie and Freddie,” MBA President and Chief Executive Officer David Stevens said.

Mortgage Daily, June 1, 2017Monthly securitizations of single-family loans backed by the agencies moved up from a month earlier but retreated compared to a year earlier.