What would mortgage bankers do if they didn’t have a massive reservoir of mortgage servicing rights to rely on during difficult times? Best not to think about it. But the good news is that servicing values remain strong.
Don Layton applauded FHFA’s plans to reform the FHLBanks, arguing that it will take strong, independent supervision to prevent them from exploiting their government subsidy for private gain.
The CFPB is looking at various closing costs, raising concerns about a lack of competition. Trade groups representing mortgage lenders stress that closing costs are adequately disclosed and well regulated.
Industry trade groups as well as analysts believe the proposed waiver pilot is purely a political gesture and will, in fact, expose borrowers and lenders to financial risk.
The FHLBanks, like Fannie Mae and Freddie Mac, have a public/private structure that can incentivize private profits at public cost. Don Layton, former Freddie CEO, said the banks are ripe for reform.
What does the stalled mortgage job market need? An interest rate cut by the Federal Reserve. Otherwise, limited hiring and layoffs will be the order of the day.
Housing Secretary Fudge resigns; IRS postpones controversial changes to IVES; regulators to alter Basel capital proposal; banking regulators waive appraisal requirements in Maui; feedback sought on bank call-report proposal.
The CFPB and the FTC have filed an amicus brief supporting borrowers in a case against Ocwen Loan Servicing, while lender trade groups urged the Supreme Court to intervene in a federal preemption case.
RSS