Wall Street Journal, Mar. 14, 2017–Andrew Ackerman (subscription)President Donald Trump on Tuesday picked J. Christopher Giancarlo to head the Commodity Futures Trading Commission, elevating a critic of the commission’s approach to postcrisis rules as its new chief.
Category: Top National News
Are We Heading Toward Another Subprime Mortgage Crisis?
CNN, Mar. 14, 2017–William PooleThe Federal Reserve bailed out Bear Stearns on March 14, nine years ago. What has the Fed learned from that mistake? Not enough, perhaps.
Fannie Mae Selling Another $1.68 Billion in NPLs to Goldman Sachs Subsidiary, Private Equity
HousingWire, Mar. 14, 2017–Ben LaneFannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs. The sale, which was originally announced last month, consisted of 9,400 non-performing loans that carry an unpaid principal balance of $1.68 billion.
Consumer Direct: It’s Not Just For Refis Anymore
National Mortgage News, Mar. 14, 2017–Bonnie Sinnock (subscription)The mortgage workforce is transforming. Dramatic shifts in consumer demand for home loans and expectations about the borrowing experience are requiring lenders to take a hard look at how they staff their operations.
Another Mortgage-Crisis Suit Settles for Pennies on the Dollar
New York Post, Mar. 15, 2017Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage.
CFPB Fines Nationstar $1.75M for HMDA Violations
National Mortgage News, Mar. 15, 2017–Kate Berry (subscription)Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination.
Goldman Sachs Goes on Buying Binge for Delinquent Mortgages
Wall Street Journal, Mar. 16, 2017–Liz Hoffman; Serena Ng (subscription)Goldman Sachs Group Inc. has become the largest buyer of severely delinquent home loans from mortgage giant Fannie Mae over the past year and a half, acquiring nearly two-thirds of $9.6 billion in loans the agency has auctioned, government records show.
Former CFPB Enforcement Attorney: ‘Publicity Potential’ Guided Many Regulatory Actions
HousingWire, Mar. 15, 2017–Brena SwansonDemocrats are racing against the clock to defend the embattled Consumer Financial Protection Bureau, which has a growing pile of government and judicial scenarios at play trying to overhaul it or abolish it altogether.
Texas Lawmakers Want to Tighten Legal Loophole around ‘Wrap Mortgages’
CBS Austin (Texas), Mar. 15, 2017–Adela UchidaFour bills filed in the state legislature aim to stop so-called ‘wrap mortgages’ by tightening the legal loopholes around them.
Trump Budget Slashes HUD Funding But Keeps FHA Intact
National Mortgage News, Mar. 16, 2017–Brian Collins (subscription)President Trump’s budget released Thursday calls for slashing HUD funding by 13%, or $6.2 billion, compared with 2016 levels, a blow to many bankers who say affordable housing programs and other HUD initiatives are vital to their work.