National Mortgage News, Apr. 7, 2017–Ian McKendry (subscription)A Senate Republican effort to use an obscure legislative process to restructure the Consumer Financial Protection Bureau could derail any bipartisan agreement on targeted changes to the Dodd-Frank Act.
Category: Top National News
The Man in Charge of Fixing Fannie and Freddie Knows Them All Too Well
New York Times, Apr. 7, 2017–Gretchen MorgensonYou may not know much about Craig S. Phillips, special counselor to Steven Mnuchin, the United States Treasury secretary. Getting to know Mr. Phillips and his background is a worthwhile exercise, especially because he’s determining the Trump administration’s path forward on Fannie Mae and Freddie Mac, the mortgage finance giants that remain in conservatorship.
Big Standard Deduction May Nullify Mortgage Tax Breaks
Washington Post, Apr. 9, 2017–Kenneth R. HarneyThough no major reform plan would eliminate the mortgage-interest deduction, House Republicans’ early blueprint would side-step it by almost doubling the standard deduction from $12,600 to $24,000 for joint filers ($12,000 for single filers).
Genworth M.I. Cuts Premiums
Mortgage Daily, Apr. 7, 2017Genworth Mortgage Insurance announced a reduction in the cost of its mortgage insurance premiums in a variety of lending circumstances.
Another Settlement for United Wholesale Parent
Mortgage Daily, Apr. 10, 2017For the second time since late last year, the parent of United Wholesale Mortgage has reached a settlement with government authorities. The latest action was due to interest overcharges.
Senators Warn Against Suspending Fannie, Freddie Dividends
Bloomberg, Mar. 29, 2017–Joe LightA bipartisan group of senators told Mel Watt, the regulator who oversees Fannie Mae and Freddie Mac, that he shouldn’t allow the companies to recapitalize without congressional approval.
Fannie-Freddie Regulator to Make $10B Payment Amid Mounting Pressure
Politico, Mar. 29, 2017–Lorraine Woellert; Zachary Warmbrodt (subscription)Fannie Mae and Freddie Mac will make a $10 billion payment to Treasury this week as planned amid mounting political pressure over the transfer. MBA President and CEO David Stevens said given post-election momentum for Fannie and Freddie reform, “now would be exactly the wrong time for the regulator to independently recapitalize the GSEs.”
What is the Most Likely Outcome for the CFPB?
HousingWire, Mar. 29, 2017–Brena SwansonBetween the Consumer Financial Protection Bureau’s court case with PHH and a handful of bills circulating trying to overhaul it, the one thing that is for sure is that something will have to change, even if it’s simply CFPB Director Richard Cordray fulfilling his term and walking away in July 2018.
Morgan Stanley: The Bull Market in Commercial Real Estate is About to End
Business Insider, Mar. 27, 2017–Akin OyedeleThe commercial real estate market is showing cracks and will peak this year, Morgan Stanley analysts forecast.
Foreclosure Error Cost BofA $46 Million
Sacramento Bee, Mar. 29, 2017–Richard ChangBank of America Corp. was told to pay a $46 million judgment last week after it wrongfully foreclosed on a Lincoln, Calif. couple during the recession.