The settlement between Franklin Credit Management and the Massachusetts attorney general will require the servicer to cease collecting or attempting to collect on “zombie” second liens in the state.
Deputy Secretary of Treasury Wally Adeyemo hinted that the government might reduce its support of the FHLBanks if they don’t put more funds toward affordable housing.
The Federal Reserve announced a 50-basis-point reduction in the federal funds rate this week. Interest rates on mortgages have come down by more than that in recent weeks in anticipation of the Fed’s move.