Top Regulator Says Bank CEOs Meant Well. This Evidence Says Otherwise.
The banking industry’s epidemic of mortgage-related fraud might not have been possible without the existence of the legal entity known as “MERS.
|Regulators Approve Final QRM Rule|
|on 22 Oct 2014 by MortgageOrb.com|
|Federal regulators on Tuesday approved a final, softened version of the Qualified Residential Mortgage (QRM) rule that requires lenders to retain a 5% stake in mortgage loans that are sold to investors, thus completing a key unfinished piece of the 2010 Dodd-Frank financial overhaul law. When it was first introduced [read more]|
America’s Housing Policy: The Definition of Insanity
Yahoo! News | October 22, 2014
If the definition of insanity is “doing the same thing over and over again and expecting a different result,” then clearly Albert Einstein is not responsible for America’s housing policies.
Mortgage Applications in U.S. Jump 11.6% as Refinancing Surges
Bloomberg | October 22, 2014
The Mortgage Bankers Association’s index rose 11.6 percent in the period ended Oct. 17, the biggest gain since January, after a 5.6 percent advance the week before.
Freddie Mac: The 4 Ingredients for Housing Recovery
HousingWire | October 22, 2014
The necessary thrust will need to come from four ingredients: labor, income, fixed investment and trust, the government-sponsored enterprise said.
CFPB Issues Final Points and Fees Error Resolution Rule
DS News | October 22, 2014
Mortgage lenders will have 210 days to fix errors in their calculations of points and fees and reimburse borrowers for any overages under a final rule issued by the Consumer Financial Protection Bureau. The bureau also finalized some other minor changes to its mortgage rules designed to ensure expanded credit access.