One possible catalyst for a MIP cut could be poor results from a forthcoming HMDA report that shows FHA as well as Fannie Mae and Freddie Mac are not servicing low-income borrowers very well.
In a recent SEC filing Two Harbors noted that after the second quarter ended it bought $4.7 billion of Fannie Mae servicing rights from an undisclosed seller.
Lawsuits filed by the city of Miami against Bank of America, Citigroup and Wells Fargo were revived by an appeals court this week. The fair housing lawsuits allege a decade-long pattern of discriminatory lending that caused the city economic harm. The lawsuits were filed in December 2013. Miami claimed that predatory lending by the banks caused minority-owned properties in the city to fall into unnecessary or premature foreclosure, which deprived Miami of tax revenue and forced the city to spend more on municipal services to combat blight. The city made claims under the Fair Housing Act and state law. The city backed up...
Federal regulators and fair housing advocates are calling for continued vigilance in fair lending with the reappearance of mortgage redlining and loan steering. The return of pre-crisis predatory lending practices, like steering and redlining, pose new challenges to the mortgage industry and to minority communities, which have seen their home equity disappear with the collapse of the housing market, said participants in a fair-lending conference hosted by the Department of Housing and Urban Development. Credit scores raise...
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