The Senate last week passed a $2.7 billion, two-year budget deal to lift sequester caps and increase the debt ceiling before adjourning for the August work period. Republicans on the Senate Banking Committee urged regulators for additional deregulation. HUD sent Congress a proposed rule to update the Fair Housing Act's disparate impact standard. And the Federal Reserve announced a quarter-point rate decrease and paused quantitative tightening.
Lenders Dread Prospect of Fannie, Freddie Losing CFPB Exemption
National Mortgage News, Aug. 2, 2019--Kate Berry (subscription)
As Mortgage-Interest Deduction Vanishes, Housing Market Offers a Shrug
New York Times, Aug. 4, 2019--Jim Tankersley, Ben Casselman
HUD Loan Sale Program Puts Consumers in Harm's Way: GAO
National Mortgage News, Aug. 2, 2019--Elina Tarkazikis (subscription)
Nonbank Mortgage Employment Flattens, But More Hiring May Lie Ahead
National Mortgage News, Aug. 2, 2019--Bonnie Sinnock (subscription)
Three Ways Mortgage Lenders Can Be Better Partners To Borrowers
Forbes, Aug. 2, 2019--Joe Tyrrell
Wells Fargo to Tech Vendors: Please Send Us a Check
Wall Street Journal, Aug. 2, 2019--Rachel Louise Ensign (subscription)
How the Accused Capital One Hacker Stole Reams of Data From the Cloud
Wall Street Journal, Aug. 4, 2019--Robert McMillan (subscription)
FDIC Chief Warns Banks Could Face Fines for Cyber Breaches
National Mortgage Professional, Aug. 2, 2019--Phil Hall
Market Shift May Mean Price Cuts
UExpress, Aug. 2, 2019--Lew Sichelman
MBA Chart of the Week: GDP, Inflation and the Fed Funds Rate
This week's chart shows the relative level of the fed funds rate compared to growth and inflation. The chart includes our forecast for a slowdown in economic growth in 2019 and 2020, along with two additional rate cuts.
Employment Report: Steady as She Goes
Total nonfarm payroll employment rose by 164,000 in July, while the unemployment rate held steady at 3.7 percent, the Bureau of Labor Statistics reported Friday.
CFPB Extends Comment Period for Debt Collection Proposal
The Consumer Financial Protection Bureau announced Friday it extended the comment period by 30 days on its Notice of Proposed Rulemaking implementing the Fair Debt Collection Practices Act.
The Week Ahead
Things suddenly got a little quieter in Washington this week. The Senate, having passed a massive fiscal 2020 spending bill last week, adjourned for the August recess. The House and Senate remain in recess until Sept. 9, after Labor Day.
CBRE: Global CRE Investment Slowdown Eases
CBRE, Los Angeles, said global commercial real estate investment reached $231 billion in the second quarter, up 17 percent from the previous quarter but down 7.5 percent from a year ago.
Dealmaker: KeyBank Real Estate Capital Provides $95M for Retail, Multifamily, Hotel Assets
KeyBank Real Estate Capital, Cleveland, provided $95.1 million for retail, multifamily and hotel assets in four states.
MBA Risk Management, QA and Fraud Prevention Forum in Chicago Sept. 15-17
The Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum takes place Sept. 15-17 at the Sheraton Grand Chicago.
MBA Education Advanced Risk Management Concepts Workshop in Chicago Sept. 15
MBA Education presents a special edition of its Advanced Risk Management Concepts Workshop on Sunday, Sept. 15 in conjunction with the MBA Risk Management, Quality Assurance and Fraud Prevention Forum in Chicago.
Make Your Voice Heard through MBA Mortgage Action Alliance
The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.