Category: Top National News

HousingWire, May 10, 2017–Brena SwansonThe Texas Department of Savings and Mortgage Lending recently ordered Ocwen Financial Corp. to cease and desist, adding its name to a growing list of states and regulators coming after the mortgage servicer over alleged violations of state and federal law.

Bloomberg, May 10, 2017–Elizabeth DexheimerSen. Elizabeth Warren, D-Mass., is eager to pursue legislation that would break up Wall Street megabanks and has pushed the issue with members of the Trump administration.

Mortgage Daily, May 10, 2017One offering has 3,600 non-performing Fannie Mae loans with a collective unpaid principal balance of $613 million. Bids are due by June 1.

Reuters, May 11, 2017–Dan FreedWells Fargo & Co., the largest U.S. mortgage lender, is hoping this year to sell bonds backed by mortgages without government guarantees for the first time since the 2008 financial crisis, the head of the bank’s consumer lending division said on Thursday.

National Mortgage News, May 12, 2017–Ian McKendry (subscription)Republicans are working on a plan that could extend its reach so that it may be used to overturn certain policies all the way back to 1996. Sen. Pat Toomey, R-Pa., has led the effort to explore the outer bounds of the obscure legislative process that had hardly been used before President Trump took office.

HousingWire, May 12, 2017–Brena SwansonNew York Department of Financial Services announced it will be transitioning to the Nationwide Multistate Licensing System and Registry in order to manage the license application and ongoing regulation of all nondepository financial institutions doing business in New York.

The Atlantic–Derek ThompsonIt might be one of the most important policies in the U.S. economy, but the mortgage-interest deduction sounds esoteric to most people. Perhaps that’s because, for most people, it’s completely irrelevant.

Mortgage Daily, May 12, 2017Although a larger number of mortgage servicers results in some that present more risk, that is offset by the benefits of diversification.

Mortgage Daily, May 11, 2017The Mortgage Bankers Association, which made the predictions in its MBA Mortgage Finance Forecast, raised the current quarter’s projection from $459 billion expected in its April outlook.

HousingWire, May 11, 2017–Brena SwansonFreddie Mac announced it’s contemplating making a change to the structure of its Structured Agency Credit Risk transactions in order to try and gain more investors.