Phoenix Business Journal, Nov. 1, 2015–O’Grady, Patrick
Bank of America Corp. will pay $335 million in a settlement for a lawsuit that it misled investors regarding its mortgage-related activity.
Category: Top National News
Worries About the Housing Market are Overblown
HousingWire, Oct. 29, 2015–Fratantoni, Mike
MBA chief economist said those looking for the next housing bubble need to study the current regulatory environment and household formation trends suggest such concerns are exaggerated.
AIG Investor Icahn Says Insurance Firm Should Break Up
National Mortgage News, Oct. 29, 2015–Heltman, John
A major investor in insurance giant American International Group is calling on the company to break itself up into three companies to get out from under its designation as one of only four systemically risky nonbanks.
Major Civil Rights Groups Join Push to Recapitalize Fannie Mae, Freddie Mac
Housing Wire, Oct. 29, 2015–Lane, Ben Several of the largest civil rights groups in the country are joining together to call on the federal government to end the conservatorship of Fannie Mae and Freddie Mac and recapitalize the agencies, stating that an independent and fully capitalized Fannie Mae and Freddie Mac can better serve the country’s housing needs.
U.S: No Robo-Calls, Unless You’re Collecting Government-Backed Debt
National Mortgage News, Oct. 28, 2015–Wack, Kevin
The U.S. government recently handed down strong new rules designed to protect consumers from unwanted robo-calls. But maybe some robo-calls aren’t so bad. Like debt-collection calls in cases where the debt happens to be backed by Uncle Sam.
NYDFS Superintendent to Step Down Amid Rumors of Tension with Cuomo’s Office
HousingWire, Oct. 27, 2015–Lane, Ben
Anthony Albanese, acting superintendent of the New York Department of Financial Services will step down later this year, amidst rumors of tension between the NYDFS and the office of New York Governor Andrew Cuomo.
PACE Loans Interfere With Home Sales
Green Building Elements, Oct. 25, 2015–Hanley, Stephen
Because the PACE loan is included in the taxes on the property, it has priority over the first mortgage in the event of default. “There is a general principle in mortgage banking: first in time, first in line,” said Pete Mills, senior vice president with the Washington-based Mortgage Bankers Association. “Taxing authorities are always a risk of jumping ahead, but that’s a far different matter than a private company selling energy improvements being able to jump ahead.”
Lawmakers Introduce Bill to Block FHLB Membership Rule
National Mortgage News, Oct. 23, 2015–Collins, Brian
Legislation would require GAO to study the impact the Federal Housing Finance Agency membership rule would have on the Federal Home Loan Bank System and its members.
What to Expect from the Housing Market this Fall
Albuquerque Journal (N. Mex.), Oct. 22, 2015–Ponder, Crissinda (Bankrate.com)
Mortgage credit availability has increased, meaning that lending standards have somewhat loosened for most of 2015, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index.
Freddie CEO Subtly Fires Back at Administration Remarks
Mortgage News Daily, Oct. 22, 2015–Swanson, Jann
The timing of Freddie Mac CEO Donald Layton’s column indicates it was intended as a bit of a counterpoint White House officials’ remarks at the recent MBA Annual Convention.