National Mortgage News, Jan. 22, 2016–Collins, Brian
The Federal Housing Finance Agency may face legislation or a lawsuit in the near future as it tries to force captive insurance companies to exit the Federal Home Loan Bank System.
Category: Top National News
State Settles Mortgage Securities Lawsuit
Daily Press (Newport News, Va.), Jan. 22, 2016–Fain, Travis
Virginia settled a lawsuit against nearly a dozen of the country’s biggest banks, which it accused of defrauding Virginia’s employee retirement fund with mortgage-backed securities. The settlement totals about $63 million, Attorney General Mark Herring announced Friday.
New York Gov. Andrew Cuomo Chooses Maria Vullow to Lead NYDFS
HousingWire, Jan. 21, 2016–Lane, Ben
New York Gov. Andrew Cuomo (D) announced Thursday that his office is nominating Maria Vullo to serve as the superintendent of the New York Department of Financial Services, ending a tumultuous period that saw rumors of tension between the governor’s office and the NYDFS surrounding the departure of the Anthony Albanese as acting superintendent of New York’s top financial regulator.
Ocwen Settles With SEC for Misstated Financial Results
24/7 Wall Street, Jan. 21, 2016–Lange, Chris
The Securities and Exchange Commission announced that Ocwen Financial Corp. agreed to settle charges that it misstated financial results by using a flawed, undisclosed methodology to value its complex mortgage assets.
Rising Home Equity, Outstanding Mortgage Debt Indicate a Healthy Housing Market
DS News, Jan. 21, 2016–Honea, Brian
The number of homeowners in the United States with negative equity, or are “underwater,” is about one-third of what it was during its peak reached in 2010, and single-family mortgage debt outstanding is on the rise.
Will Mortgage Deduction Remain Sacred? GOP Candidates Float Change
Fox News, Jan. 20, 2016
When it comes to tax perks, the mortgage interest deduction is the third rail — typically, no one wants to touch it. But Republican presidential candidate Ben Carson is doing the politically unthinkable and openly talking about getting rid of homeowners’ favorite tax favor. And a handful of other candidates are at least talking about making tweaks to the system.
Rattled Investors Paying a Premium for Long-Term Treasurys
Wall Street Journal, Jan. 20, 2016–Zeng, Min
The global scramble to snap up safer assets intensified Wednesday, sending the yield on the 10-year U.S. Treasury note below 2% and restoring an unusual situation in which investors willingly pay more for longer-term bonds than for an equivalent series of shorter-term securities.
Are the CFPB and FTC Partners or Rivals?
National Mortgage News, Jan. 20, 2016–Witkowski, Rachel
Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.
Indiana Takes Aim at Zombie Homes and Foreclosures
IndyStar (Indianapolis), Jan. 19, 2016–Eason, Brian
Lawmakers from two of the state’s hardest-hit housing markets–Gary and Indianapolis–have introduced four bills this session targeting urban blight, but those hoping for a major overhaul of Indiana’s distressed property laws will have to wait at least another year.
A Legal Battle Brews Over the Power of America’s Consumer Finance Watchdog
Wall Street Journal, Jan. 24, 2016–Hayashi, Yuka
Four years after the Consumer Financial Protection Bureau’s creation, debate still rages over its authority.