Feed aggregator

Court: Trump Gets to Defang CFPB

IEHI News feed - Thu, 01/11/2018 - 08:48
``In a 46-page opinion, Judge Timothy Kelly denied Leandra English, the deputy director of the CFPB, a preliminary injection that would have stopped Mick Mulvaney, Trump's budget director, from taking on a second role as acting director of the agency.'' -- This is of course, exactly the sort of thing Trump campaigned on doing... oh, wait...

Warren grills CFPB head over data collection freeze

National Mortgage News - Thu, 01/11/2018 - 08:12
Sen. Elizabeth Warren, D-Mass., is asking acting CFPB Director Mick Mulvaney to account for recent directives limiting agency staff members’ ability to access or acquire electronic data, saying the moves hamper critical agency operations.

IRS continues repair of income verification system after mortgage industry panic

National Mortgage News - Thu, 01/11/2018 - 08:12
The IRS has taken corrective actions to speed up its income verification system, avoiding a possibly crippling slowdown for the mortgage industry, but long-term issues remain.

Are lenders or homebuyers playing it too safe with credit scores?

National Mortgage News - Thu, 01/11/2018 - 08:12
Consumer credit scores are improving, but many qualified borrowers are still hesitant about buying a house. New tools are helping lenders better assess risk and show consumers with lower credit scores they can qualify for mortgages.

Three Sinister Schemes Creditors Will Use To Screw You

IEHI News feed - Wed, 01/10/2018 - 19:47
Three Sinister Schemes Creditors Will Use To Screw You And Keep You In Debt

State AG says Denver judge was wrong in foreclosure lawsuit

National Mortgage News - Wed, 01/10/2018 - 17:01
The Denver judge, who last spring ruled that former foreclosure king Larry Castle and his law firm did not violate state laws designed to protect consumers against fraudulent charges, was biased and made several missteps during the three-week bench trial leading up to his decision, the Colorado attorney general's office asserts in its appeal of the verdict.

New York City sues Shell, ExxonMobil, and other oil majors over climate change

IEHI News feed - Wed, 01/10/2018 - 16:46
The New York City government is suing the world's five largest publicly traded oil companies, seeking to hold them responsible for present and future damages to the city from climate change.

The suit, filed Tuesday against BP, Chevron, Conoco-Phillips, ExxonMobil and Royal Dutch Shell, claims the companies together produced 11 percent of all of global warming gases through the oil and gas products they have sold over the years. It also charges that the companies and the industry of which they are part have known for some time about the consequences but sought to obscure them.

"In this litigation, the City seeks to shift the costs of protecting the City from climate change impacts back onto the companies that have done nearly all they could to create this existential threat," says the lawsuit brought by New York corporation counsel Zachary Carter, which was filed in U.S. District Court for the Southern District of New York

...

The legal strategy has been already embraced by several California cities and counties, but prior suits seeking to blame companies for their role in causing climate change have floundered.

It remains unclear whether a new wave of litigation -- propelled by stronger climate science, reports about how much some companies knew about climate change decades ago, and somewhat divergent legal strategy -- will succeed where those efforts failed.

...

Several prior cases challenging individual companies based on a public nuisance theory failed -- including at the Supreme Court, which ruled in 2011 that climate action by the Environmental Protection Agency in effect removed the ability to use the courts as a remedy.

But the difference now, Burger said, is that the claims are being brought under state, rather than federal, common law -- and that strategy remains to be tested.

Looks like we might actually get a full case on whether CO_2 causes climate change... frankly, it's long past time this was tried in court!

Affordability challenges have homebuyers more cautious about the market

National Mortgage News - Wed, 01/10/2018 - 13:58
Consumer confidence in the housing market during December was better than it was 12 months prior but weaker than in November.

HELOC vs. cash out refinance decision gets trickier after tax reform

National Mortgage News - Wed, 01/10/2018 - 13:58
Homeowners can tap into more home equity than ever before, but deciding between a home equity line of credit and cash out refinance mortgage has gotten more complicated following recently passed tax reforms.

Oahu's home market ended 2017 on robust note

National Mortgage News - Wed, 01/10/2018 - 10:52
Oahu's 2017 housing market finished strong with gains in both condominium and single-family home sales and median prices, and experts from the real estate industry expect the momentum to continue this year.

HUD inspector general is auditing Buffalo's public housing agency

National Mortgage News - Wed, 01/10/2018 - 10:52
The HUD inspector general is conducting a wide-ranging audit into how Buffalo's public housing authority spent tens of millions of dollars over the past two years.

Situs strikes deal to buy MountainView Financial Solutions

National Mortgage News - Wed, 01/10/2018 - 10:52
Situs agreed Friday to buy mortgage servicing rights valuation and brokerage firm MountainView Financial Solutions in a deal set to close this month.

Inside one credit union's unique 'thank you' to mortgage clients

National Mortgage News - Wed, 01/10/2018 - 10:52
Jeanne D'Arc Credit Union has begun thanking home buyers for their business by throwing housewarming parties for them once the process is complete.

Longtime Hensarling aide named CFPB's chief of staff

National Mortgage News - Wed, 01/10/2018 - 10:52
Kirsten Sutton Mork, the House Financial Services Committee's staff director, will become chief of staff at the Consumer Financial Protection Bureau.

The FDIC vs. PwC: Scapegoating the auditors is the wrong move

National Mortgage News - Wed, 01/10/2018 - 10:52
Auditing firms cannot be expected to root out evil, or to conduct full forensic investigations.

GOP senator wants probe into vetting of CFPB deputy

National Mortgage News - Wed, 01/10/2018 - 07:47
Sen. Ron Johnson, R-Wis., has called for an investigation into how CFPB Deputy Director Leandra English was approved for a permanent civil service job at the agency.

N.H. shopping plazas up for sale at foreclosure auctions

National Mortgage News - Wed, 01/10/2018 - 07:47
Two major shopping centers in Keene, N.H., are scheduled for sale at foreclosure auctions in January, according to ads taken out by an auction company.

MountainView brokering $3.5B in Fannie and Freddie MSRs

National Mortgage News - Wed, 01/10/2018 - 07:47
MountainView is brokering a nonrecourse $3.5 billion package of Fannie Mae and Freddie Mac mortgage servicing rights on behalf of an unnamed seller.

Bitcoin ‘fascinating' because perception of risk and the economy is changing, fund manager says

IEHI News feed - Tue, 01/09/2018 - 16:51
``People are pouring money into bitcoin and other cryptocurrencies because they are more willing to take risks in a benign economic environment, according to a fund manager.'' -- That's one read (and one we're not so sure of). Another is that people are more desperately looking for options to get out of conventional investments yielding little marginal value these days, or, (gasp), are actually interested in some of the new capabilities proffered by cryptos (this is especially evident in ICOs)

Fund managers say bitcoin ETF proposals withdrawn due to SEC concerns

IEHI News feed - Tue, 01/09/2018 - 14:35
``Staff at the regulatory agency "expressed concerns regarding the liquidity and valuation" of futures contracts based on the digital asset, according to one of the filings... Fund managers thought the proposals had a chance at winning approval given the launch last month of futures contracts based on bitcoin on both the CME and the CBOE exchanges.''