Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”
Reports that Radian Group was in talks with private equity firms for a potential sale delivered a fillip to the company’s shares though those discussions fell through.
The Department of Veterans Affairs issued guidance on policies regarding cash-out refinancing loans on Feb. 15, the same day the rules were to become effective.
State regulators went on the offense last week, contending week contended that the Consumer Financial Protection Bureau lacks authority to create a regulatory fintech sandbox.
The parent company of HomeStreet Bank last week said it is looking to sell its standalone home loan centers and a majority of its mortgage servicing rights. Officials at the Seattle-based lender cited a number of factors for the divestiture, including reduced demand for refinances and regulatory issues specific to banks.
Now that the smoke has cleared from Mark Calabria’s confirmation hearing to head the Federal Housing Finance Agency, industry stakeholders are pondering the first step in administrative reform of Fannie Mae and Freddie Mac: eliminating the quarterly payments the two mortgage giants make to the Treasury Department.
Pershing Square Holdings — the high-profile hedge fund managed by mega investor Bill Ackman — is sitting on a paper gain of 140.6% year-to-date on its investment in Fannie Mae common. Its holdings in Freddie Mac aren’t too far behind at 130.2%.
Mortgage brokers aren’t taking over the world, but the industry’s share of new production reached a nine-year high in 2018, according to a new analysis and ranking by Inside Mortgage Finance. [Includes six data charts.]
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