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Home | News | Government (page 10)

OCC Releases Results of Wells Fargo Review

According to a new report from the OCC, there were many lessons learned through the agency’s supervision of Wells Fargo during recent controversy. Failure to respond timely to known issues, ineffective communication, and unclear records were just a few of the problems cited. The agency is currently working to address all weaknesses identified.

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Report: “CFPB Offers Much-Needed Protection”

A new report by Trulia says the Consumer Financial Protection Bureau has proven a powerful ally to borrowers across the economic spectrum. It’s also proven a valuable resource for military service members and older Americans. And taking it away could be more trouble than its worth.

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Fed Banks Predict Slowing GDP Growth

Two federal banks are forecasting a slowdown in GDP growth this quarter, with the Atlanta Fed predicting it to hit its lowest point in three years. The drop is a result of reduced consumer spending, the Fed reported. Predicted GDP growth has decreased significantly since the start of the year.

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Barney Frank: CFPB Elimination Would be Unpopular

According to former Representative Barney Frank (D-Mass), the elimination of the Consumer Financial Protection Bureau would be “very unpopular.” Rather than eliminate the bureau, he hopes that for legislation will be introduced to make minor changes to Dodd-Frank "that make it easier for the smaller and middle-sized banks without weakening the rules against great losses that people can't deal with."

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Senators Push For CDBG Funding

In the wake of President Trump’s proposed cuts to the Department of Housing and Urban Deployment (HUD), including the complete elimination of funding to the Community Development Block Grant (CDBG), U.S. Senator Kirsten Gillibrand (D-NY), along with 41 other senators, urged federal appropriators to put $3.3 billion in federal funding toward the (CDBG). HUD Secretary Ben Carson had previously stated that the CDBG would continue, but under a different name.

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Fannie Is Eyeing the Future Conservatively

Fannie Mae’s newest look at the economy over the next year-and-a-half is a positive, if not bullish one. The GSE sees housing as a major driver of the economy, but not at such a pace as to cause any bubbles. At the same time, potential political unrest domestically and internationally bring the enthusiasm down to a much quieter level.

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Carson: HOME, CDBG May Continue Under New Names

HUD Secretary Ben Carson set many Americans at ease recently, when he said parts of the HOME program, the Community Development Block Grant, and other HUD initiatives may continue—even if President Trump’s latest budget proposal moves through. The proposal opens HUD up to HUD would be on the receiving end of $6.2 billion in budget cuts. At a press conference, Carson offered reassurance that parts of the programs—the ones that “are functioning well” will be preserved in some form.

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Reforming Dodd-Frank to Unify the U.S. Economy

“For seven years now, the Dodd-Frank Act has stifled the American Dream—for half of the country,” said U.S. Representative David Kustoff (R-TN) in an opinion piece on CNBC. According to Kustoff, Dodd-Frank requires rolling back, and it has caused plenty of harm since then. Though it saved plenty of big banks during the recession, its regulation has stifled many smaller banks.

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CFPB Offers Clarification to Proposed Data Collection Update

In fall of 2015, the CFPB introduced new data reporting requirements which are set to take effect next year under the 1974 Home Mortgage Disclosure Act (HMDA), updating existing rules which will make lenders provide information on property value, the terms of the loan, the term of prepayment penalties and the duration of teaser or introductory interest rates. However, the increased amount of data which the CFPB requires lenders to report has led increased complications.

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Fannie Mae Announces Reperforming Loan Sale Winner

Fannie Mae announced the results of its second reporforming loan sale transaction. The deal was previously announced on March 14, and consisted of 7,600 loans totaling $1.65 billion in unpaid principal balance (UPB). All four loan pool were won by DLJ Mortgage Capital, Inc., and the transaction is expected to close on May 25.

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