USA Today, Oct. 21, 2016–McCoy, Kevin
The Justice Department plans to sue Moody’s over valuations the company assigned to mortgage-backed securities in the run-up to the nation’s financial crisis in 2008, the financial ratings giant said Friday.
Category: Top National News
U.S. Mall Investors Set to Lose Billions as Retail Gloom Deepens
Reuters, Oct. 21, 2016–Lash, Herbert; Wiltermuth, Joy
The shift to online shopping that has crushed U.S. department stores in recent years now threatens the investors who a decade ago funded the vast expanse of brick-and-mortar emporiums that many Americans no longer visit.
Canada Proposes Overhaul of Mortgage-Insurance System
Wall Street Journal, Oct. 21, 2016–Vieira, Paul
Changes could see banks shoulder up to 10 percent of the losses related to house-loan defaults.
Industry Pushes for a Greater TRID Overhaul
Scotsman Guide, Oct. 20, 2016–Whitman, Victor
The Mortgage Bankers Association and other industry trade groups asked the Consumer Financial Protection Bureau to go further in its cleanup of TRID.
Fannie Mae to Give Lenders Relief on Some Mortgage Penalties
Bloomberg, Oct. 24, 2016–Light, Joe
Lenders will get a reprieve from the threat of some mortgage-related penalties under a new program announced by housing-finance giant Fannie Mae on Monday.
Freddie Mac Announces New Tools Designed to Cut Mortgage Origination Costs
HousingWire, Oct. 24, 2016–Lane, Ben
Enhancements to Loan Advisor Suite could help lenders’ bottom line.
Will PHH Victory Undermine CFPB Authority in Similar Court Battle?
HousingWire, Oct. 12, 2016
Now with the PHH ruling finalized, CEI General Counsel Sam Kazman said that the ruling opens the door for CEI’s district court case, State National Bank of Big Spring v. Lew, to move forward, challenging the constitutionality of other aspects of the Consumer Financial Protection Bureau.
Eight Years Later, Subprime Mortgage Crisis Rears Its Ugly Head in the Form of Deutsche Bank
GoRion, Oct. 12, 2016–Bourgi, Sam
The Deutsche Bank probe appears to be one of the final remnants from the subprime mortgage crisis, which set in motion a painful economic collapse both at home and abroad. Since then, the U.S. housing market has seen a painful restructuring, where new regulations, tighter lending guidelines and a shaky economy thwarted the sector’s recovery on several occasions.
Why Mortgage Servicing Is at a Breaking Point
National Mortgage News, Oct. 12, 2016–Kilgore, Austin
The housing crisis forever changed the business of servicing. The new normal is here. It’s time for the industry to wake up and do something about it.
Proprietary Reverse Production Up More Than HECM
Mortgage Daily, Oct. 12,, 2016
Of the 4,378 home-equity conversion mortgages endorsed by the Federal Housing Administration in August, retail originators were responsible for 2,440 units.