Wall Street Journal, May 25, 2016–Brown, Ken
If current trends persist through the end of the year, U.S. households will owe as much as they did at the peak of borrowing in 2008.
Category: Top National News
Will Fannie and Freddie Need Another Bailout?
Wall Street Journal, May 24, 2016–Light, Joe
Eight years after the financial crisis, mortgage-finance companies Fannie Mae and Freddie Mac are headed down the road to another bailout, but not for the usual reason.
Who’s Afraid of TRID Risk? It’s Not Who You Think
National Mortgage News, May 24, 2016–Bisby, Allison
Liquidity has dried up since the Consumer Financial Protection Bureau’s disclosure rule took effect in October. With the exception of a few deals backed by loans issued before the financial crisis, private-label securitization has ground to a halt.
CFPB: Mortgage Complaints Down to Third Place
HousingWire, May 24, 2016–Ramirez, Kelsey
In March, for the first time since the start of the Consumer Financial Protection Bureau in 2011, mortgage complaints were not the number one complaint.
Auto, Mortgage Delinquencies Climb in Energy Regions
Wall Street Journal, May 24, 2016–Zumbrun, Josh
Delinquencies on auto loans have spiked in the U.S. counties that had the highest employment in the oil-and-gas industry, according to the Federal Reserve Bank of New York’s quarterly report on household debt and credit. Mortgage delinquencies have also climbed, though not as dramatically.
Federal Reserve: Mortgage Debt Rises to 4-Year High
HousingWire, May 24, 2016–Lane, Ben
The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.
Nuns With Guns: The Strange Day-to-Day Struggles Between Bankers and Regulators
Wall Street Journal, May 30, 2016–Grind, Kirsten; Glazer, Emily
Among the new federal banking regulations there is one that financial wonks call “TRID,” the TILA-Respa Integrated Disclosure rule. Attendees at a recent training school here for bank compliance staff, who must learn and enforce such rules, said they deciphered TRID’s true meaning: “The reason I drink.”
Why Banks Are Dumping Fannie, Freddie Debt
National Mortgage News, May 27, 2016–Peters, Andy
The largest banks are dumping their holdings of Fannie Mae and Freddie Mac debt, and it’s contagious. It turns out small banks have been doing the same thing.
‘Face of the Housing Crisis’ Exonerated by Appeals Court Countrywide Hustle Ruling
HousingWire, May 27, 2016–Lane, Ben
Lost in the shuffle of the United States Court of Appeals for the Second Circuit’s decision to toss the $1.27 billion penalty against Bank of America in a fraud case over defective mortgages sold by Countrywide was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone, who the New York Times once referred to as the “face of the housing crisis.”
Chase in Homestretch of $4B Mortgage Bond Settlement
National Mortgage News, May 27, 2016–Finkelstein, Brad
JPMorgan Chase is close to satisfying its $4 billion consumer relief obligation under a residential mortgage-backed securities settlement.