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DS News Webcast: Tuesday 7/29/2014

Foreclosure, REO, News, Webcast

Despite an anticipated pickup in economic growth and housing recovery, Fannie Mae expects the economy to grow at just 1.5 percent overall this year. Fannie revised its previous estimate of 2.1 percent growth for 2014 after a disappointing first quarter, calling it "the worst performance in five years." If Fannie's predicted 1.5 percent proves accurate, it would be, according to Fannie Mae’s chief economist, Doug Duncan, the worst performance of Q4-over-Q4 growth in the current economic expansion.

Job growth and real personal income are growing, leading to predictions of increased consumer spending over the second half of the year. The housing market is continuing to recover and positively contribute to the economy, but Fannie Mae anticipates a 2.0 percent decline in home sales and a 41.0 percent decline in mortgage originations throughout the rest of the year.

In order to address allegations of discrimination against whistleblowers at the Consumer Financial Protection Bureau, the House Oversight and Investigations Subcommittee will soon hear testimony from CFPB director Richard Cordray. The subcommittee heard testimony in April from CFPB senior enforcement attorney Angela Martin and former investigator Misty Raucci, who leveled accusations that the CFPB had fostered a culture of racial and gender discrimination and retaliation against its employees. Cordray has acknowledged disparities in employee performance ratings in the past and several employees are being paid after the fact for getting shortchanged by the bureau’s evaluation system.

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