HousingWire, Nov. 15, 2016–Ramirez, Kelsey
Future of GSEs still uncertain under a Trump administration.
Category: Top National News
Failed Bank CEO Gets 14 Months for Trying to Scam $13M in TARP Funds
HousingWire, Nov. 15, 2016–Lane, BenEarlier this year, a federal jury found Brian Hartline, the former president and CEO of NOVA Bank, guilty of criminally defrauding the government.
Experts: Mortgage Tech Regulatory Limits Leave Industry Between Rock and Hard Place
GoRion, Nov. 17, 2016–Wisniowski, Charles
Mortgage tech innovators struggle to keep up in some critical real estate finance areas–notably appraisals and compliance–leaving the industry exposed between a costly rock and a regulatory hard place, experts say.
The Glory Days of Elizabeth Warren’s CFPB Are Numbered
Bloomberg, Nov. 17, 2016–Woolley, Suzanne; Dexheimer, Elizabeth; Stein, Charles
The president-elect has said he plans to dismantle the Dodd-Frank Act. He hasn’t discussed specific plans for the CFPB. With current filibuster rules, Congress likely can’t change the agency without the votes of some Senate Democrats.
Fed’s Kashkari Unveils Plan to End Threat of Banks ‘Too Big to Fail’
Reuters, Nov. 17, 2016
Minneapolis Federal Reserve Bank president Neel Kashkari unveiled a plan to end systemic risk posed by U.S. banks by forcing them to hold a massive amount of capital–as much as 38 percent.
Troubled FHA Reverse Mortgage Program May Prevent More Premium Cuts
National Mortgage News, Nov. 17, 2016–Collins, Brian
The Home Equity Conversion Program experienced a huge swing in its net worth during the fiscal 2016 year, plummeting from a value of $6.8 billion in fiscal 2015 to negative $7.7 billion.
3-Year High for GSE Refinances
Mortgage Daily, Nov. 17, 2016
An analysis of quarterly data by the Federal Housing Finance Agency indicates 250,534 Fannie Mae and Freddie Mac refinances in September.
Here’s the Updated CFPB List for Rural and Underserved Counties in 2017
HousingWire, Nov. 17, 2016–Swanson, Brena
The Consumer Financial Protection Bureau released the official “rural or underserved” and “rural” counties lists for the industry to go off of in 2017.
Major Trade Groups Urge Congress to Renew Two Major Homeowner Tax Provisions
HousingWire, Nov. 16, 2016–Swanson, Brena
This year two of the biggest tax provisions at the top of Congress’ pile to renew impact housing and homeowners, especially first-time homebuyers. MBA, NAHB and NAR urged Congress to keep these tax extensions.
How Big a Collateral Risk Are PACE Loans?
National Mortgage News, Nov. 16, 2016–Bisbey, Allison
Lenders often consent to borrowers taking on additional debt that is subordinate to theirs, since they are assured of being repaid first. But PACE loans create what is known as a super-senior lien.