Headlines and Blogs from Around the Web
U.S. regulators on Tuesday urged banks to work with clients to avoid defaults on hundreds of billions of dollars of home equity lines of credit taken out during the housing bubble that will come due in the next several years.
Should President Obama end up being sued by House Republicans over his recess appointments to the Consumer Financial Protection Bureau (CFPB) and National Labor Relations Board in 2012 - actions that were recently ruled "invalid" by the U.S. Supreme Court - it could result in subsequent challenges to the actions that Richard Cordray, director of the CFPB, took during the period he was unofficially at the helm of the consumer watchdog group - including the enactment and implementation of the CFPB's new mortgage origination and servicing rules.
Ginnie Mae is paying particular attention to non-bank servicers due to the same concerns an inspector general has raised about servicing transfers involving Fannie Mae and Freddie Mac loans.
Imagine if a bank that wrongfully foreclosed on hundreds of homeowners couldn't issue mortgages for a year.
In early 2012, the REO-to-rental business model was projected to be a $100 billion industry. These investors provided a significant boost to housing demand in 2012 and 2013, but the activity of these funds abruptly stopped in 2014 because prices became too high to meet their return thresholds.
Amid ongoing investigations of employee discrimination, the Consumer Financial Protection Bureau (CFPB) has also come under fire for “outrageous” costs associated with the renovation of its rented headquarters.
Federal and state regulatory agencies have issued final guidance to financial institutions under their jurisdiction regarding home equity lines of credit (HELOCs) that are nearing their "end-of-draw" periods.
U.S. Treasury Secretary Jacob J. Lew announced last Thursday at the Making Home Affordable (MHA) Fifth Anniversary Summit, the new efforts being put into motion by the Obama Administration to continue helping struggling homeowners avoid foreclosure, increase access to affordable rental options and expand access to credit for borrowers.
The number of older U.S. households with mortgages is on the rise, with well over half of homeowners 50 and older currently having mortgages on their homes.
When the Federal Reserve talks about buying mortgage-backed securities (or MBS), it’s referring to the To-Be-Announced market, usually referred to as “the TBA market.”
The Office of the Inspector General (OIG) for the Federal Housing Finance Agency (FHFA) released a report Tuesday highlighting the risks associated with banks that have traditionally serviced mortgages backed by Fannie Mae or Freddie Mac selling the rights to service troubled mortgages to non-bank servicers that specialize in handling them.
The 2008 financial crisis was triggered by a run on short term bank debt, illiquidity in the commercial paper market and a sudden lack of confidence in the money market mutual fund industry.
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