Key insight: The proposal simplifies operational risk capital for the largest banks. Forward look: Critics warn lower capital could raise systemic risk as in prior crises. Key quote: “The proposal really misses the mark in terms of what its original intent was.” —Phillip Basil, director at Better Markets Regulators’ revised Basel operational risk capital framework […]
Banks get operational risk relief in Basel proposal Read More »
Mortgage rates have increased for five consecutive weeks, sidelining potential buyers in the middle of the spring homebuying season. Processing Content The 30-year fixed-rate mortgage hit 6.46% this week, an eight-basis-point jump from last week’s 6.38% and the highest mark since early September, according to the Freddie Mac Primary Mortgage Market Survey. The 30-year rate
Mortgage rates hit a 7-month high, as buyers retreat Read More »
Bloomberg News Processing Content Key insight: The agency’s enforcement and supervision units would face the heaviest hits, with staffing plummeting by 80%. Supporting data: CFPB officials alleged that a new reduction in force, or RIF, is a financial necessity after Congress slashed the bureau’s budget in half. Forward look: Critics view the latest “revised” RIF plan
CFPB firing line: DOJ moves to axe half the bureau’s staff Read More »
Key Insight: Federal Reserve Chair Jerome Powell said there is uncertainty about how the Iran war will affect the economy, but that the central bank’s monetary policy is well positioned to “wait and see” how conditions unfold. Expert Quote: “You have to carefully monitor inflation expectations, because a series of these supply shocks can lead
Powell says Fed cautious as Iran war drives inflation risks Read More »
A section of President Donald Trump’s recent executive order, titled “Promoting Access to Mortgage Credit,” caused confusion throughout the mortgage industry, seemingly addressing a nonissue. Processing Content Section 10 of the order called for “eliminating duplicative or unnecessary requirements regarding licensing or registration for mortgage loan officers of any smaller bank.” The directive fits with
Mortgage industry baffled by Trump’s MLO order Read More »
Key insight: Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said in separate appearances Thursday that uncertainty over tariffs and geopolitical tensions is shifting the balance of risks toward combating a rise in inflation. Expert quote: “The ongoing trade policy uncertainty and geopolitical tensions … pose upside risk to my inflation
Fed Govs. express concern about Iran war-driven inflation Read More »
Key insight: An executive order encouraging the Consumer Financial Protection Bureau to modify two of its mortgage rules would add a considerable load to the agency’s already overloaded agenda, and at a time when its rulemaking capacity is greatly diminished. Expert Quote: “The CFPB has a bigger agenda than they’ve ever had with a smaller
Mortgage order adds more rules to diminished CFPB’s load Read More »
The Trump administration has promised to keep Fannie Mae and Freddie Mac’s implicit government guarantee in any immediate plans for them, but not everyone agrees it should be taken for granted. Processing Content A panel of government-sponsored enterprise reform veterans who saw Fannie and Freddie go into conservatorship back in 2008 reminded attendees of this
AEI panel: GSEs have never paid for their guarantee Read More »
The 10-year Treasury yield continued its wild movements based on alternating headlines on the Iran conflict, but as a result mortgage rates ended the week 16 basis points higher, Freddie Mac found. Processing Content The 30-year fixed rate mortgage reached 6.38% for March 26, up from an average of 6.22% one week earlier, the Freddie
Mortgage rates now at highest point since September Read More »
The mortgage industry has generally supported Fannie Mae and Freddie Mac’s more flexible roof insurance requirements for all single-family mortgages, but some condo market stakeholders have questioned certain other changes announced alongside it. Processing Content First flagged by a community lenders group shortly after the insurance rule-change came out, there have been a growing number
Condo lenders push back on Fannie, Freddie rule changes Read More »