Bank of America is asking the Justices to overturn lower-court rulings that mortgage loans with a secondary lien on a debtor's asset can be "stripped down" to zero when the collateral is completely underwater. The decision could affect an even wider range of second liens.
Mel Watt, the former North Carolina lawmaker, has earned praised for his cautious approach to guiding the future of Fannie Mae and Freddie Mac. But critics say he is making it even more difficult to craft a system without them.
Confusion about pre-approvals is rampant and has been the subject of vehement debate.
Sen. Mike Crapo, R-Idaho, unveiled legislation Friday that would require the banking agencies to review Dodd-Frank Act rules as part of a mandated process to assess the relevance of financial rules.
Many servicers are willing and able to modify mortgages to help borrowers save their homes. Its just a matter of getting that message through.
The Consumer Financial Protection Bureau may delay the Aug. 1 implementation deadline for new mortgage disclosure forms if vendors aren't ready, said CFPB Deputy Director Steven Antonakes.
Investors punished Nationstar Mortgage, sending shares down more than 10% Wednesday, down $3.15 a share to $27.96 a share, after the nonbank servicer announced a capital raise of roughly $500 million that will dilute existing shareholders.
The leader of the Senate Banking Committee said he'd rather leave Fannie Mae and Freddie Mac in U.S. conservatorship than pass a bill that includes explicit government support for the housing market.
If you thought the subprime mortgage-backed security was an artifact of the past, think again. Nomura Holdings and Angel Oak Capital have a deal that may help revive the part of the market that went bust during the crisis. Their success could encourage more banks to dip their toes back into riskier mortgages.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, announced a vote for Thursday of 11 bills aimed at lessening regulatory burden on banks by changing aspects of the Dodd-Frank Act and associated regulations.
Ocwen Financial Corp. agreed to sell servicing rights on a $25 billion portfolio of home loans and said it's out of compliance with New York Stock Exchange listing standards.
In the wake of confusion about the status of pre-approvals, an expert on compliance seeks to clarify, but exhorts the CFPB to do so, officially, "prior to the effective date of the new rule."
A new loan program will allow borrowers to put down even less than the 3% down payment mortgage programs to be offered by Fannie Mae and Freddie Mac. This move and others like it, while laudable, will no doubt ensure increasing default rates.
The CFPB wants to expand banks' data reporting requirements under the Home Mortgage Disclosure Act. But this would impose even greater costs upon local financial institutions that are already overburdened by regulation.
The agency's interpretation of a Respa rule could put an end to the long-standing practice of mortgage lenders paying real estate agents and homebuilders to send business their way.