National Mortgage Professional, Apr. 12, 2016
ComplianceEase named former Mortgage Bankers Association David Kittle, CMB, as senior vice president of Government and Industry Relations.
Category: Top National News
New Report Says Mortgage Interest Tax Deduction Fueling Inequality For Women, Minorities
Forbes, Apr. 12, 2016–Carlyle, Erin
White men are disproportionately benefiting from the mortgage interest tax deduction, while women and minorities are getting left out, a new report by Trulia suggests.
Study: Foreclosed Homeowners Shun Mortgages for Renting
Pittsburgh Post-Gazette, Apr. 12, 2016–Grant, Tim
Losing a home to foreclosure has left such a bad taste with some former homeowners that they have lost much of their will and desire to go through the underwriting process to get approved for a new home loan – even though years may have gone by since the foreclosure episode.
CFPB Gets Pummeled in Court Hearing on Constitutionality
National Mortgage News, Apr. 12, 2016–Heltman, John
The Consumer Financial Protection Bureau faced hostile questions from two judges during oral arguments before a federal appeals court Tuesday as it sought to argue the constitutionality of its single-director structure in a lawsuit brought by nonbank mortgage lender PHH Corp.
Radian Enters into Its First Ever Single-Premium Reinsurance Deal
National Mortgage News, Apr. 12, 2016–Finkelstein, Brad
Radian Guaranty Inc. has entered into its first ever quota share reinsurance agreement that only covers single-premium private mortgage insurance policies.
OCC Releases Its First Risk Appetite Statement
American Banker, Apr. 12, 2016–Clozel, Lalita
The Office of the Comptroller of the Currency released Tuesday its first risk appetite statement–a set of general guidelines on what level of risk the agency finds acceptable in various domains.
New Legislation Would Permanently Bar Using Fannie, Freddie G-Fees for Federal Spending
HousingWire, Apr. 13, 2016–Lane, Ben
Rep. Mark Sanford, R-S.C., introduced the bill, called H.R. 489 or the Risk Management and Homeowner Stability Act of 2016, earlier this week, along with Rep. Brad Sherman, D-Calif., and Rep. Randy Neugebauer, R-Texas. The bill would amend the Congressional Budget and Impoundment Control Act of 1974 to prohibit the use of guarantee fees as budgetary offsets.
Fannie’s and Freddie’s Plan to Cut Mortgage Balances May Be Near
Wall Street Journal, Apr. 13, 2016–Light, Joe
Fannie Mae and Freddie Mac could forgive mortgage principal for thousands of borrowers under a new plan to be rolled out by their regulator, the Federal Housing Finance Agency, as soon as Thursday, according to people familiar with the matter.
Big Banks Have Risks–and Benefits
Wall Street Journal, Apr. 13, 2015–Ip, Greg
Before breaking up big banks, regulators should consider the costs to customers and the economy.
Wells Fargo Profit Drops as Energy Pain Spreads
Wall Street Journal, Apr. 14, 2016–Rudegeair, Peter; Glazer, Emily
Wells Fargo & Co.’s first-quarter profit fell 5.9% as the nation’s third-largest bank by assets said the slump in oil prices continued to punish energy companies and started to hurt some consumers.