The Chattanoogan.com, Sept. 16, 2015 The legislation would prohibit any increase in the guarantee fee–which is required to be charged by government-sponsored enterprises Fannie Mae and Freddie Mac–from offsetting other government spending while also prohibiting the sale of Treasury-owned senior preferred shares in the GSEs without congressional approval and structural housing finance reform.
Category: Top National News
Banking Groups Expect to Fight ‘G-Fee’ Raids This Fall
Scotsman Guide, Sept. 16, 2015–Whitman, Victor
Housing and banking groups are gearing up for fights this fall over the use of money collected by Fannie Mae and Freddie Mac to insure mortgage-backed securities.
RBS Agrees to $129.6 Million Mortgage Settlement with U.S. Regulator
MarketWatch, Sept. 16, 2015–Sjolin, Sara
Royal Bank of Scotland Group PLC agreed to pay $129.6 million to settle claims by a U.S. regulator that the British lender sold toxic mortgage-backed securities to now-defunct U.S. credit unions, according to the court filing on Tuesday.
Ocwen Expects to Report Loss in Current Fiscal Year
Mortgage Servicing News, Sept. 16, 2015–Peters, Andy
Ocwen Financial said it expects to report a loss in its current fiscal year, as it continues to cut costs amid an investigation of its practices.
Senate Unanimously Passes Bill to Cap Fannie, Freddie Pay
HousingWire, Sept. 16, 2015
A congressional move to limit the salaries for the CEOs of Fannie Mae and Freddie Mac moved a step closer Tuesday night when the Senate unanimously passed a version of the House’s Equity in Government Compensation Act of 2015.
First, Second Lien Mortgage Defaults Rise in August
First and second lien mortgage defaults both increased in August from July, according to the S&P/Experian Consumer Credit Default Indices.
Fewer Underwater Mortgage Holders
New York Times, Sept. 18, 2015–Prevost, Lisa
The share of underwater mortgage holders dropped by more than half since peaking in early 2012, driven by rising home values at the lower end of the market, a turnaround from last year.
MBA Launches TRID Resource for Consumers and Lenders
The Mortgage Bankers Association launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new “Know Before You Owe” or TILA/RESPA Integrated Disclosure regulations that will go into effect on Oct. 3.
Industry Groups Call on Regulators for TRID Exam Guidance
Nearly 20 trade groups representing lenders, banks, credit unions, title companies and others are urging federal regulators to provide guidance on how they plan to enforce a new mortgage disclosure regime that goes into effect Oct. 3.
Freddie Mac Makes It Easier to Get a Mortgage Modification
According to a bulletin sent by Freddie Mac to its servicers on Wednesday, Freddie Mac is making several changes to its guidelines for standard and streamlined modifications.