The Mortgage Bankers Association, in a July 15 letter to the Consumer Financial Protection Bureau, offered several recommendations on the Bureau's review of its rules under the Regulatory Flexibility Act.
House Passes MBA-Supported VA Securitization, Financial Literacy Bills
The House approved two bills yesterday, strongly supported by the Mortgage Bankers Association, which clarify when Department of Veterans Affairs home loans qualify to be pooled into Ginnie Mae securities, as well as legislation that would increase access to housing counseling for consumers.
House Committee Begins Markup of Industry Legislation; MBA Sends Letter
The House Financial Services Committee last week began a markup session on a number of housing finance-related bills. Ahead of the first votes, the Mortgage Bankers Association sent a letter to Committee leadership offering views of several bills of interest to MBA membership.
Auction.com Survey: Western Markets At Most Risk for Increased Foreclosure Inventory
Auction.com, Irvine, Calif., said although most respondents to a recent survey expect only "slight" changes in foreclosures and bank-owned inflow in the second half of 2019, nearly half cited the Western U.S. as the highest risk of increase in distressed inventory.
Mortgage Payments Within Reach for High School Grads in Most Cities; Down Payments, Not So Much
The good news is, households including at least one person with a high school diploma or GED can afford the typical mortgage payment in most large metro areas across the U.S., said Zillow Inc., Seattle. But soaring home values that have outpaced incomes have made down payments a barrier for many, particularly first-time home buyers.
Loan Defects on the Increase
ACES Risk Management, Pompano Beach, Fla., released its Mortgage QC Trends Report, showing the overall critical defect rate increased on a quarterly and yearly basis.
Fitch Ratings: New U.S. RMBS Products Faring Well So Far; Earthquakes No Problem
Two reports from Fitch Ratings, New York, offer positive news on the status of U.S. residential mortgage-backed securities.
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.
Legislation Clarifies Securitization Timeline for VA Loans
Scotsman Guide, July 10, 2019--Arnie Aurellano
New Bill Slashes FHA Mortgage Insurance for First-Time Homebuyers
HousingWire, July 10, 2019--Jessia Guerin
What to Expect When You're Expecting a Report on GSE Reform
American Banker, July 9, 2019--Hannah Lang (subscription)
VA Loan Churning is Driving Up Mortgage Costs for All Government Borrowers
HousingWire, July 9, 2019--Jessica Guerin
Government Bond-Market Measure Says Recession Risk Growing
Wall Street Journal, July 9, 2019--Daniel Kruger (subscription)
Federal Banking Regulators Finalize Changes to Capital Rules
American Banker, July 9, 2019--Jon Prior (subscription)
Many Indebted Borrowers Consider Mortgages Out of Reach: Wells Fargo
National Mortgage News, July 10, 2019--Bonnie Sinnock (subscription)
Most Renovating Homeowners Not Tapping HELOCs
National Mortgage Professional, July 10, 2019--Phil Hall
Don't Look Now, But Home Equity Delinquencies are Rising
American Banker, July 10, 2019--Andy Peters (subscription)
Financial Watchdog Shifts From Enforcer to Educator
Wall Street Journal, July 12, 2019--Yuka Hayashi (subscription)
Trump Team Grows Wary of Fannie-Freddie Fix Before 2020 Election
Bloomberg, July 12, 2019--Saleha Mohsin, Jennifer Jacobs, Austin Weinstein
Insurance Companies Expand Multifamily Financing Options
Colorado Real Estate Journal, July 13, 2019--Cooper Williams
Banks Nearly Have REO Monday Off Their Backs a Decade After Crisis
Naitonal Mortgage News, July 14, 2019--Jon Prior (subscription)
Life Insurers Upped Mortgage Investments Risky in Case of Downturn
National Mortgage News, July 15, 2019--Brad Finkelstein (subscription)
Nomura to Pay $25 Million Over Mortgage Bond Traders' Lies
Bloomberg, July 15, 2019--Matt Robinson
Realogy Slapped with Class Action Suit for Securities Fraud
HousingWire, July 15, 2019--Jessica Guerin