The government could default on its debt obligations as early as June 1, the Treasury Department warned. The development could have major ramifications for mortgage lenders and the broader economy.

The FDIC closed First Republic Bank this week and JPMorgan Chase acquired substantially all of the bank, with help from a loss-sharing agreement provided by the FDIC.

Merger and acquisition activity is heating up, but most of it centers on mortgage servicing rights, huge blocks of it. Not only is SPS in play, but so too is SLS.

With volumes at lows not seen since before the Great Financial Crisis, Fannie and Freddie continue to turn in steady profits.

Disagreements about the Federal Housing Finance Agency’s new pricing grids for Fannie Mae and Freddie Mac highlight differences between Democrats and Republicans.

Last year was a trying year for most lenders. Among publicly traded shops, Rocket’s Jay Farner was one of the highest paid CEOs in the land, topping Mat Ishbia at United Wholesale Mortgage.

A combination of internal mismanagement and lax regulation led to the failures of Silicon Valley Bank and Signature Bank, according to reviews by the Fed and the FDIC. The regulators plan to tighten regulation of banks, including a focus on interest rate risk.

Consumer complaints filed with the CFPB increased sharply in the first three months of 2023, driven by a jump in seven out of the nine complaint categories. (Includes two data charts.)

The CFPB’s efforts to combat redlining include a new emphasis on discriminatory targeting. The regulator’s argument for the application of ECOA in instances of reverse redlining is being questioned.

The CFPB issued an advisory opinion last week reinforcing that the Fair Debt Collection Practices Act includes protections against collections on time-barred debt, including second liens originated prior to 2008.