Wall Street Journal, May 20, 2016–Andriotis, Annamaria; Sidel, Robin
U.S. credit-card balances are on track to hit $1 trillion this year, as banks aggressively push their plastic and consumers grow more comfortable carrying debt.
Category: Top National News
Government Drives Banks From Mortgages
Wall Street Journal, May 18, 2016–Stevens, David
MBA President and CEO David Stevens, CMB, argues that traditional banks have pulled back from the mortgage lending business, primarily due to the federal government’s onerous enforcement regime that is extracting hundreds of millions of dollars in fines and settlements. “Borrowers are fortunate to have well-capitalized and well-regulated independent mortgage banks ready to plug the gap,” he said.
There’s No Consensus on GSE Reform, But There Is This
HousingWire, May 18, 2016–Swanson, Brena
Housing is as close to solving GSE reform as it is in solving “Which came first, the chicken or the egg?”
SunTrust Completes 69% of National Mortgage Settlement
HousingWire, May 19, 2016–Ramirez, Kelsey
Nearly all mortgage servicers subject to the terms of the National Mortgage Settlement achieved complete compliance with the NMS’s servicing rules in the first half of 2015, according to a report from molnitor Joseph Smith.
FHA Proposes New Rule to Strengthen HECM Program
National Mortgage Professional, May 18, 2016–Hall, Phil
The Federal Housing Administration is proposing a new rule that it claims will strengthen its Home Equity Conversion Mortgage program.
Trump’s Dodd-Frank Plan Will Be Early Test of Republican Unity
Bloomberg, May 19, 2016–House, Billy; Cirilli, Kevin
Donald Trump says he’ll deliver a plan in the next two weeks to rewrite the Dodd-Frank law. Around the same time, House Financial Services Chairman Jeb Hensarling is promising to make his own proposal.
New Caps for Fannie and Freddie Should Help Drive Growth in Multifamily Sales in 2016
National Real Estate Investor, May 18, 2016–Mattson-Teig, Beth
Higher caps for Fannie Mae and Freddie Mac will deliver some welcome liquidity to a still booming multifamily investment market.
MBA’s Stevens Calls for Faster GSE Reforms
Scotsman Guide, May 17, 2016–Whitman, Victor
In a speech Monday, Mortgage Bankers Association President David Stevens said that reforms on the government-sponsored enterprises aren’t moving fast enough.
Here’s Why Freddie Mac Says the Mortgage Credit Box is So Tight
Housing Wire, May 17, 2016–Swanson, Brena
As the spring home-buying season struggles to lift off, people point to tight credit as one reason, with Freddie Mac Vice President of Affordable Lending and Access to Credit Danny Gardner weighing in on the discussion at the Mortgage Bankers Association Secondary Conference in New York City.
Housing Agency Plans Mortgage Sale Reforms After Criticism
New York Times, May 17, 2016–Goldstein, Matthew
Life may soon get tougher for private buyers of distressed mortgages from the federal government. HUD said on Tuesday that it would announce, possibly as soon as this week, a new set of rules governing the sale of mortgages formerly guaranteed by the government.