Washington Post, July 11, 2023–Sheila BairThe Federal Reserve’s recently completed “stress tests” gave high grades to banks for passing exams that fail to prepare them for the biggest risk that …
Category: Top National News
Treasury Department’s Homeowner Assistance Fund Distributed $1.2 Billion in First Quarter
Weekly Real Estate News, July 10, 2023–Phil HallThe U.S. Department of the Treasury reported that its Homeowner Assistance Fund (HAF) programs distributed $1.2 billion in assistance to households during the …
Massachusetts Must Change ‘Unconstitutional’ Tax Foreclosure Laws, AG Says
Mass Live, July 6, 2023-Dave ThompsonA recent U.S. Supreme Court ruling has cast tax foreclosure laws into constitutional chaos.https://www.masslive.com/news/2023/07/as-worcester-woman-fights-tax-foreclosure-ag-advocates-legislative-changes.html
Fannie Mae, Freddie Mac Update Condo and Co-op Unit Policies
National Mortgage News, July 5, 2023-Bonnie Sinnock (subscription)Fannie Mae on Wednesday released criteria for loans on apartments within condominiums and cooperatives that will replace stop-gap measures for buildings with significant …
FHA Urged To Modify Proposed Loss-Mitigation Plan
National Mortgage Professional, July 5, 2023-David KrechevskyThe Federal Housing Administration (FHA) on May 31 proposed a new home-retention option to help struggling homeowners meet their mortgage obligations.https://nationalmortgageprofessional.com/news/fha-urged-modify-proposed-loss-mitigation-plan
Multifamily to Face $8B of Maturities This Fall
The Real Deal, June 29, 2023-TRD StaffThe intimidating “wall of maturities” is only a few months from closing in on the multifamily sector.https://therealdeal.com/national/2023/06/29/multifamily-to-face-8b-of-maturities-this-fall/
FHA to Require Lenders to Ask Language Preference
National Mortgage Professional, June 28, 2023-David KrechevskyThe Federal Housing Administration (FHA) announced Tuesday that it will require lenders making FHA-insured mortgage loans to ask borrowers for their language preference.https://nationalmortgageprofessional.com/news/fha-require-lenders-ask-language-preference
Payment Provider Fined $25 Million for Error at Servicer
National Mortgage News, June 27, 2023–Maria Volkova (subscription)The Consumer Financial Protection Agency hit ACI Worldwide and its subsidiary ACI Payments with a $25 million fine Tuesday for illegally initiating withdrawals …
Opinion: “Foreclosure” Shouldn’t be a Dirty Word
National Mortgage News, July 9, 2023–Michael Krein (subscription)We’re all aware of the stories in the mainstream media about the instances of unconscionable behavior exhibited by rogue servicers, lenders, brokers or …
The Money-Saving Mortgage That Isn’t Working Right Now
Wall Street Journal, July 10, 2023–Veronica Dagher (subscription)An adjustable-rate mortgage will save home buyers little, if any, money right now. When 30-year fixed-mortgage rates go up like they are now, …