Trump rolls back fair housing rule with executive order
The Department of Housing and Urban Development on Thursday said it would terminate and replace the Affirmatively Furthering Fair Housing rule, calling it “complicated, costly, and ineffective" while anti-discrimination advocates condemned the move.
"After reviewing thousands of comments on the proposed changes to the Affirmatively Furthering Fair Housing regulation, we found it to be unworkable and ultimately a waste of time for localities to comply with, too often resulting in funds being steered away from communities that need them most," said HUD Secretary Ben Carson in a press release. "Instead, the Trump administration has established programs like Opportunity Zones that are driving billions of dollars of capital into underserved communities where affordable housing exists, but opportunity does not."(Link to full story)
CoreLogic posts higher earnings, hikes guidance in wake of hostile bid
CoreLogic's management took a number of steps to enhance its position in the eyes of its shareholders as it plays defense against a hostile takeover offer by Senator Investments and Cannae Holdings.
The company used its second-quarter results to announce an increase in dividends, divesting some of its business and a second increase in 16 days to its full-year earnings guidance.
During its earnings call, President and CEO Frank Martell spoke about the company's "laser focus on, and unyielding commitment to, shareholder value creation," addressing the Senator/Cannae bid. (Link to full story)
Two Harbors seeks for-cause termination as manager dispute escalates
A mortgage real estate investment trust made plans to terminate its external manager for cause and its manager responded by filing new lawsuit against the REIT.
Two Harbors Investment Corp. alleged "material breaches of the management agreement and gross negligence" in its planned termination of PRCM Advisers, which the REIT said will take place on Aug. 14. PRCM externally managed Two Harbors since 2009. (Link to full story)
What matters most to mortgage lenders in the 2020 election
Whether Donald Drumpf or presumptive Democratic nominee Joe Biden wins the 2020 election, the next president will shape housing policies that could have lasting effects on lenders beyond the next four years.
Mortgage professionals are not known to be a united voting bloc, but appealing to them typically means having plans for housing and infrastructure, according to David Dworkin, president and CEO of the National Housing Conference, a D.C.-based nonprofit that advocates for affordable housing.
"The housing industry tends to prefer candidates that compromise," Dworkin said. "That actually results in better policies than one-party rule. A compromise produces better solutions that are sustainable and not subject to every swing of the pendulum." (Link to full story)
What post-pandemic expansion may look like for mortgage lenders
Over half of professional and financial services employers recently surveyed by Arizent either are not planning to make any significant changes to their commercial space configurations, or they plan to downsize.
That raises a question for mortgage lenders, a subset of that group that may need to staff up to handle a surge in rate-driven consumer demand: When does it make sense to add a physical location these days? (Link to full story)
The Financial Stability Oversight Council said the mortgage giants may need a bigger capital cushion than their regulator has proposed, but stopped short of designating them as “systemically important financial institutions.”