Reuters, Mar. 31, 2017–Jonathan SpicerThe Federal Reserve could begin shrinking its $4.5-trillion balance sheet as soon as this year, earlier than most economists expect, New York Fed President William Dudley said on Friday in the central bank’s most definitive comments on the question that looms over financial markets.
Category: Top National News
GSE Dividend Jumpstarts Debate on Reforms
Scotsman Guide, Mar. 30, 2017–Victor Whitman”The future of Fannie and Freddie should be determined by Congress,” said MBA President and CEO David Stevens. “That is the only way to reach a solution that does what’s best for Americans’ housing needs and taxpayers.”
Republicans May Soon Target Informal Regulatory Actions: Toomey
National Mortgage News, Mar. 30, 2017–Ian McKendry (subscription)With slim odds of getting eight Democrats to support major Dodd-Frank Act reforms, Republicans will have to use other measures to make changes to the 2010 reform law, Sen. Pat Toomey, R-Pa., said Thursday.
GSE Regulator Calls for Better Alignment of Mortgage Buyback Policies
National Mortgage News, Mar. 30, 2017–Brian Collins (subscription)Private market mortgage insurance companies should better align their buyback and rescission policies with those of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency said this week.
Goodbye Plywood: Fannie Mae No Longer Allows Plywood in Pre-Foreclosure
HousingWire, Mar. 30, 2017–Ben LaneIn a bulletin sent to servicers this week, Fannie Mae said that it “no longer accepts plywood boards as an acceptable boarding solution on windows of its properties.”
Mortgage Complaints Down as Overall Complaints Up
Mortgage Daily, Mar. 29, 2017In its Monthly Complaint Report, the Consumer Financial Protection Bureau reported 26,262 financial services complaints filed in February. Mortgage complaints fell to 3,715 in February from 4,195 in January.
FHA Changes Expected Before GSE Reform
Mortgage Daily, Apr. 3, 2017While reform of the government-sponsored enterprises is expected by many, changes to the Federal Housing Administration are expected more quickly.
Equity-Sharing Mortgages Make a Comeback, with Freddie’s Help
National Mortgage News, Apr. 3, 2017–Bonnie Sinnock (subscription)Freddie Mac has quietly been testing out automated purchases of conforming loans with equity sharing stakes of typically 10%. The equity stake is provided to consumers by a private company that was previously knowns as FirstREX, but rebranded itself last year as Unison.
Student Debt May Prevent Some Americans From Buying Homes
Wall Street Journal, Apr. 3, 2017–Josh Mitchell (subscription)Americans continue to default on student loans at a “stubbornly high” rate, and a small share of borrowers are unable to buy homes due to high levels of student debt, according to a new report from the Federal Reserve Bank of New York.
Tappable Equity Hits 10-Year High
National Mortgage Professional, Apr. 3, 2017–Phil HallAn annual home price appreciation of 5.5 percent during 2016 helped to increase the number of mortgage holders with tappable equity to 39.5 million, according to new data from Black Knight Financial Services.