Category: Top National News

HousingWire, May 16, 2017–Brena SwansonBetween the Consumer Financial Protection Bureau slapping Prospect Mortgage with a $3.5 million fine for violating RESPA earlier this year and beefing up its ongoing investigation into Zillow for possibly violating RESPA, the Realtor/Lender space is being sent a warning, says Daniella Casseres of Offit Kurman.

Mortgage Daily, May 16, 2017First and second mortgages that are considered to be seriously delinquent made up a smaller share of overall loans last month, reported S&P and Experian.

Bloomberg, May 16, 2017–Prashant Gopal, Joe LightPresident Donald Trump has proposed rewriting the tax code to raise the standard federal deduction to a level where about 25 million homeowners would no longer take advantage of the century-old mortgage interest tax deduction.

HousingWire, May 16, 2017–Ben LaneThe Department of Justice announced Tuesday that Financial Freedom agreed to an $89 million settlement over reverse mortgage allegations, some of which allegedly took place while Treasury Secretary Steven Mnuchin was chairman at OneWest.

Wall Street Journal, May 16, 2017–Esther Fung (subscription)Department-store retailers announced worse-than-expected earnings for the first quarter, and there could be more store closures than expected ahead, including some in higher-tier malls, according to real-estate research firm Green Street Advisors.

GoRion, May 17, 2017–Sam BourgiFannie Mae and Freddie Mac should be privately owned utilities with returns to shareholders stipulated by regulators, according to proposals put forward by the Mortgage Bankers Association.

Mortgage Professional America, May 17, 2017–Steve RandallThe rate of mortgage delinquencies slipped in the first three months of 2017 according to new data from the Mortgage Bankers Association.

HousingWire, May 17, 2017–Kelsey RamirezMany Americans facing a financial crisis have a decision to make – which debts they will pay, and which they will skip. When faced with that decision, consumers tend to prioritize unsecured personal loans ahead of other debts such as credit cards, auto loans and even mortgages, according to a new study conducted by TransUnion.

Wall Street Journal, May 17, 2017–Ben Leubsdorf (subscription)Total debt held by American households reached a record high in early 2017, exceeding its 2008 peak after years of retrenchment in the face of financial crisis, recession and modest economic growth.

Bloomberg, May 17, 2017–Jonathan BernsteinFinancial regulation legislation, R.I.P.–probably, after Mitch McConnell basically surrendered Tuesday on a bill that would overhaul the Dodd-Frank Act.