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Politics and policy

Servicers get partial relief on FHA deadline at tough time

Politics and policy, Servicing /

The Federal Housing Administration’s deadline for new distressed borrower protocols has been pushed out further toward next year with a potential government shutdown looming, but some things are still changing as the month turns. “There is no Covid waterfall and there is no HAMP,” said Julienne Joseph, founder and principal of JYJ consulting, referring respectively […]

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Servicers get partial relief on FHA deadline at tough time

Politics and policy, Servicing /

The Federal Housing Administration’s deadline for new distressed borrower protocols has been pushed out further toward next year with a potential government shutdown looming, but some things are still changing as the month turns. “There is no Covid waterfall and there is no HAMP,” said Julienne Joseph, founder and principal of JYJ consulting, referring respectively

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CFPB’s union appeals agency’s ‘dismantling’ to D.C. Circuit

Litigation, Politics and policy, Regulation and compliance, Trump administration /

What’s at Stake: The union’s counsel warns that the appellate panel’s ruling permits the unilateral elimination of federal agencies.  Expert Quote: “It enables agencies to avoid judicial scrutiny of virtually any decision.” — Jennifer Bennett, National Treasury Employees Union.  Supporting Data: The Trump administration wants the CFPB’s headcount cut to 200, down from 1,750 in

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Experts say Supreme Court could combine independence cases

Litigation, Politics and policy, Regulation and compliance, Trump administration /

Key Insight: All eyes are on the Slaughter v. Trump case, which will be heard by the Supreme Court at the end of the year. How that case plays out could decide whether Federal Reserve Governor Lisa Cook can remain at the central bank. Expert Quote:  “If they overturn Humphrey’s Executor and do so in

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New dangers for housing in looming shutdown: How mortgage lenders can prepare

Capital markets, Mortgage Rates, Originations, Politics and policy, Servicing /

The potential government shutdown that’s looming this week due to an impasse between political parties in budget negotiations has some new risks for housing. In addition to more typical concerns, an Office of Management and Budget memo issued last week means the usual furloughs could be layoffs that compound the impact of previous public sector

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Bowman says Fed should use smallest possible balance sheet

Politics and policy, Secondary markets /

Federal Reserve Vice Chair for Supervision Michelle Bowman said the U.S. central bank should seek to achieve the smallest balance sheet possible and overhaul its regime for implementing monetary policy. “Over the longer run, my preference is to maintain the smallest balance sheet possible with reserve balances at a level closer to scarce than ample,”

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Panel eyes GSEs’ guarantee as public offering talks progress

Capital markets, Politics and policy, Secondary markets, The Great American Mortgage Corporation /

The value of government-sponsored enterprises’ Fannie Mae and Freddie Mac stems from their mortgage-market role and experts at a Bipartisan Policy Center event at times took varying stances on what it would take to preserve and protect that position amid reform. The panel’s comments arrived ahead of Federal Housing Finance Agency Director Bill Pulte’s ongoing

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CFPB drops enforcement actions against two more lenders

CFPB News & Analysis, Donald Trump, Politics and policy, Regulation and compliance /

Key Insight: Washington Federal Bank and Planet Home Lending are only the latest in a long list of businesses against which the CFPB has terminated its consent orders. Supporting Data: Since Donald Trump returned to the White House, the CFPB has dropped dozens of enforcement actions and initiated only two. Expert quote: “It’s clear that

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Letitia James mortgage fraud probe is moving ahead at DOJ

Enforcement, Mortgage Fraud, Politics and policy /

The U.S. Justice Department is pushing ahead with its investigation of New York Attorney General Letitia James over mortgage fraud allegations after President Donald Trump demanded the case move forward, according to people familiar with the matter.  The case is still being pursued through the U.S. attorney’s office for the Eastern District of Virginia in

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