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Volume 18 | Issue 141 | Tuesday, July 23, 2019

The Lede

 

Equifax to Pay $700 Million in Data Breach Settlement

The Consumer Financial Protection Bureau, the Federal Trade Commission and 48 states, the District of Columbia and Puerto Rico announced a global settlement with Equifax that provides up to $700 million in monetary relief and penalties.

 

Top National News

 
In a Waning Housing Cycle, There May Still Be Home-Builder Earnings Upside

MarketWatch, July 22, 2019--Andrea Riquier
The cycle peak hasn't led to a recession. Instead, the housing market looks to have come in for a soft landing and is now bouncing along. And that may be enough for residential builders to notch a favorable earnings season. (MBA mention)

Lower Rates Have a Downside for Banks

Wall Street Journal, July 23, 2019--Ben Eisen (subscription)
Lower interest rates generally help banks' mortgage businesses. Except when they don't.

Equifax Hasn't Heard the Last from Congress about Data Breach

National Mortgage News, July 22, 2019--Neil Haggerty (subscription)
Despite having to cough up over half a billion dollars in a settlement with federal and state authorities, Equifax is likely not done answering to Congress for its 2017 data breach.

ARM, HELOC Mortgage Borrowers Could Get a Break if Fed Lowers Rates

Bankrate.com, July 22, 2019--Natalie Campisi
Some borrowers might see lower monthly payments come the end of July if the Federal Reserve lowers interest rates.

Deal Sealed on Federal Budget, Ensuring No Shutdown, Default

Associated Press, July 23, 2019--Andrew Taylor
President Donald Trump and congressional leaders announced Monday a critical debt and budget agreement that's an against-the-odds victory for Washington pragmatists seeking to avoid political and economic tumult over the possibility of a government shutdown or first-ever federal default.

Democratic Candidate Warren Sees U.S. Economic Downturn; Urges Quick Steps

Reuters, July 22, 2019--Richard Cowan
Democratic presidential candidate Elizabeth Warren on Monday warned of "serious" signs that the U.S. economy could skid into a downturn either this year or next, as she proposed a series of steps to minimize the risk.

Residential Finance News

 
Black Knight June ‘First Look' Sees Calendar-Driven Spike in Delinquencies

Black Knight, Jacksonville, Fla., issued its June ‘First Look' Mortgage Monitor, noting a seasonal quirk resulted in a spike in mortgage delinquencies from May's record low.

Redfin: June Home Prices Rise 3.4% as Supply Flattens

Redfin, Seattle, said June U.S. home-sale prices rose for the third consecutive month, growing by 3.4 percent year over year to a median of $321,200.

Commercial/Multifamily News

 
CMBS Special Servicing Rates Diverge

The commercial mortgage-backed securities special servicing rate settled down in June after two "roller coaster" months, but drilling deeper reveals an interesting trend, reported Trepp, New York.

Dealmaker: NYLREI Originates $428M for Offices

New York Life Real Estate Investors originated $428 million for the same sponsor secured by office properties in Houston and Denver.

MBA News

 
MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

MISMO Elective--Introduction to MISMO's Logical Data Model Webinar Today

MISMO presents a webinar, Introduction to MISMO's Logical Data Model, today, July 23 from noon-1:00 p.m. ET.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.