National Mortgage News, Jan. 26, 2016–Godfrey, Hans
The mortgage industry can better manage disparate regulatory requirements with a comprehensive approach that streamlines compliance.
Category: Top National News
Huntington Says Risks in FirstMerit Deal are Manageable
Columbus Dispatch, Jan. 27, 2016–William, Mark
The last time Huntington Bancshares made a big acquisition, the bank got stuck with $1.5 billion in toxic subprime loans that blew up during the recession and help pushed the bank’s stock down to a dollar. This time, Huntington says its acquisition of Akron-based FirstMerit Bank is different.
Crisis-Era Mortgage Attempts a Comeback
Wall Street Journal, Feb. 1, 2016–Grind, Kirsten
Wall Street wants to bring back the “low-doc” loan. These mortgages, which are given to borrowers that can’t fully document their income, helped fuel a tidal wave of defaults during the housing crisis and subsequently fell out of favor.
Democrats Demand More FHA Info on Nonperforming Loan Sales
National Mortgage News, Feb. 1, 2016–Collins, Brian
Key Democratic lawmakers are urging the Department of Housing and Urban Development to tighten its program for selling nonperforming guaranteed loans to ensure servicers have exhausted all loss mitigation options before the loans are sold to private investors.
How FHLBs, Insurers May Challenge Membership Rule
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.
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.