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.
Category: Top National News
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.
MGIC: Primary New Mortgage Insurance Slips to $4B
Primary new mortgage insurance slipped to $4 billion, according to MGIC Investment’s August operational summary of its insurance subsidiaries for its primary mortgage insurance slightly down from $4.5 billion in July and June.
Senate Push to Jumpstart GSE Reform Goes Nowhere Fast
Sen. Bob Corker’s, R-Tenn., “Jumpstart GSE Reform” package would reverse the recent Fannie Mae and Freddie Mac CEO compensation increase and prohibit the U.S. Treasury from selling or otherwise disposing of its shares in the government-sponsored enterprises without Congressional consent. The bill was fast-tracked in the Senate, but now Sen. Sherrod Brown, D-Ohio, reportedly placed hold on the package.
Senator Warren Said to Pull Support for Fannie Shareholder Bill
Sen. Elizabeth Warren, D-Mass., is withdrawing her support for a Republican bill that had been on the fast track to bar the Treasury Department from selling Fannie Mae and Freddie Mac preferred shares.
Los Angeles Drops Mortgage Discrimination Case Against JPMorgan
Los Angeles has dropped a lawsuit accusing JPMorgan Chase, the largest U.S. bank, of discriminatory mortgage lending, ending the first of the city’s four lawsuits accusing major banks of driving up foreclosures among minority borrowers.
MBA Pushing for Safe Harbor for TRID
The mortgage industry is pushing for the Consumer Financial Protection Bureau to adopt a formalized grace period for the enforcement of the complex TILA-RESPA Integrated Disclosure requirements, and now Mortgage Bankers Association is pushing Congress to take action.
Fannie Mae Revamps Mortgage Program
Fannie Mae is overhauling its mortgage program for low- to moderate-income households to better accommodate today’s financial and familial realities.
Mortgage Debt–The New Retirement Time Bomb
These days, baby boomers increasingly are carrying that debt into retirement. And while there are pluses to that (the interest rate deduction for some), many financial planners now advise their clients to pay off the mortgage. But they are much more concerned with credit-card, auto-loan and student-loan debt.
David Hochberg: ‘Private Money is Seeping Its Way Back Into the Mortgage Business’
David Hochberg joined the show to discuss the state of the mortgage business. The industry is definitely improving.