President Trump’s executive order on mortgage credit could open up new funding resources and secondary market options for some Federal Home Loan Bank members, according to a new letter. Processing Content The letter from Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, suggests the order could be a springboard for […]
FHLB council maps out mortgage credit expansion plan Read More »
Acting Consumer Financial Protection Bureau Director and Office of Management and Budget Director Russell Vought.Bloomberg News Processing Content Key insight: The Consumer Financial Protection Bureau is recruiting for attorney-advisors within its Office of Litigation while simultaneously cutting enforcement attorneys. What’s at stake: The new hiring comes just two weeks after the CFPB provided a court
CFPB hiring litigation attorneys while cutting enforcement Read More »
Federal Housing Administration Commissioner Frank Cassidy, who also serves as the FHA’s deputy assistant secretary for single family mortgages, has gone on leave. Processing Content Cassidy’s leave, which is related to “family matters,” began earlier this month and will extend to at least the end of April, according to a Politico Pro report. Ginnie Mae
FHA’s Cassidy on leave, Ginnie Mae’s Gormley filling in Read More »
Key insight: Former Federal Reserve Vice Chair for Supervision Randal Quarles said in a speech Friday that members of the Fed board should serve at the pleasure of the president, but added that keeping regional Fed bank presidents on the Federal Open Market Committee and ensuring their appointments are not influenced by the White House
Former Fed official argues against Fed independence Read More »
The Independent Community Bankers of America have seen some promising developments in federal mortgage proposals but they have concerns about some plans for policy too. Processing Content From recent congressional bills to government-sponsored enterprise reform and capital rules, ICBA Senior Vice President Ron Haynie shared thoughts on which pending policies could benefit or challenge members,
ICBA outlines wins, concerns in housing policy push Read More »
Key insight: Inflation accelerated in March, driven primarily by a surge in energy prices since the onset of the U.S. war in Iran. Supporting data: The Consumer Price Index, a monthly indicator of consumer inflation, rose 0.9% in March and 3.3% year-on-year. Gasoline prices were up 21.2% in March, accounting for three-quarters of the overall
Energy prices drive up inflation to 0.9%in March Read More »
A bill proposing a new way of determining what qualifies as a conforming loan would expand the jumbo market and invite more private capital into mortgage lending — but critics warn it could also push more borrowers into higher-rate loans and worsen an already severe affordability crunch. Processing Content Rising home prices have swelled the
Should conforming loan limit math change? Read More »
The latest Basel III proposal could encourage banks to hold more mortgages, but its impact on financing they provide to nonbanks selling home loans is “murkier,” according to a new report. Processing Content Pennymac’s early analysis of the proposed bank-capital rules’ impact on warehouse lending indicates that they currently preserve part of an earlier draft
Basel draft leaves nonbank warehouse financing in limbo Read More »
Key insight: The Trump administration’s budget proposes a $204.5 million cut to the Treasury Department’s Community Development Financial Institution Fund, and would redirect remaining awards to rural areas. What’s at stake: The proposal reflects months of conflict between the Office and Management and Budget and Treasury over the fund’s future, with OMB withholding congressionally appropriated
Trump budget includes cuts to CDFI Fund Read More »
A wave of steering investigations from the past year could keep growing. Processing Content Lawsuits and state probes for violations of the Real Estate Settlement Procedures Act and its Section 8 provision have risen in the past year, said Jonathan Kolodziej, partner at Bradley Arant Boult Cummings. The mortgage industry attorney noted increased scrutiny from
RESPA cases are rising as states fill CFPB void Read More »