The Mortgage Bankers Association, this week, released more details in conjunction with its GSE reform proposal published earlier this year. Expanding on some of the concepts presented in January, the MBA paper includes more detailed end-state reform recommendations including elaborating on the transition plan. The trade group’s approach for reforming Fannie Mae and Freddie Mac calls...
Freddie Mac introduced a curriculum to help potential manufactured homebuyers in Kentucky get a mortgage and is now looking to increase lender participation in the program. The GSE partnered with Next Step Network, a housing intermediary based in Louisville, and three nonprofit housing counseling agencies to create the online education curriculum aimed at better preparing Kentucky homebuyers with blemished credit histories. Since the initiative was rolled out...
The Federal Home Loan Bank of New York settled a lawsuit with Lehman Brothers last week stemming from claims the bank undervalued interest rate swaps in 2008. In Lehman Brothers Holdings Inc. v. Federal Home Loan Bank of New York, documents show that the bank will pay $70 million to the Lehman bankruptcy estate. A recent FHLBank of NY filing with the Securities and Exchange Commission revealed...
And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...
The trade group first launched its GSE task force in late 2012 with 17 initial executive members, including Bob Ryan, a Wells Fargo executive who is now the acting deputy director of the division of conservatorship at the Federal Housing Finance Agency.
Most of the provisions of the Home Mortgage Disclosure Act final rule the Consumer Financial Protection Bureau promulgated back in 2015 won’t take effect until January 2018, and already the agency is proposing a host of clarifications, technical corrections and minor changes with the stated goal of fostering lender compliance. Among the suggested alterations to the CFPB’s proposed rule, issued last week, is the clarification of certain key terms, such as “temporary financing” and “automated underwriting system.” The proposal also would establish...
Many borrowers could have seen significant savings on the interest rate on a mortgage if they shopped around, according to a working paper published by the Consumer Financial Protection Bureau’s Office of Research. The bureau economists noted that close to half of consumers didn’t shop before taking out a mortgage, based on the National Survey of Mortgage Originations, a representative survey conducted by the CFPB and the Federal Housing Finance Agency. And only 16.0 percent of borrowers considered three or more lenders before obtaining a mortgage. The economists said...
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