Consumer advocates and Democratic leaders are asking U.S. regulatory bodies to block TD Bank’s takeover of First Horizon Bank. The Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund sent a letter to the Federal Reserve and Office of the Comptroller of the Currency asking them to reject a proposed merger between TD Bank and First Horizon Bank. Their letter highlights reasons why regulators should stop the merger, pointing out misconduct by TD Bank and an “exacerbation of the ‘too-big-to-fail’ problem.” Other advocacy groups signed the letter in support. Toronto-Dominion Bank, a Canadian company, announced a plan earlier this year to acquire Memphis, TN-based First Horizon for $13.4 billion in cash. The Bank Merger Act requires the…
Editor’s Note: This article was written by a contributor and contains the individual’s views, opinions, or personal experiences. Last week, we announced the merger of the Community Mortgage Lenders of America and theCommunity Home Lenders Association under a renamed Community Home Lenders of America (CHLA). To date, both organizations have represented a similar profile of members and have historically taken similar policy positions. After extended discussion, we both concluded that combining CMLA and CHLA would mean more members, more financial resources, and more combined staff. This would enhance our ability to influence mortgage policies in Washington and explain the key role community lenders and in particular smaller independent mortgage banks (IMBs)—play in mortgage lending. Policy fights in Washington are not…
By ISAIAS PACHECO Leaders at the Office of the Comptroller of the Currency have released their annual update to the Bank Accounting Advisory Series. The link can be found here. The Office of the Comptroller of the Currency is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks, according to their website. A press release issued last week says this edition of the BAAS reflects updates to clarify the application of accounting standards issued by the Financial Accounting Standards Board on topics including the amortization of premiums on debt securities with a call option over a preset period and…
By CHUCK GREEN Portsmouth, New Hampshire. Is it the place to be? Why not? Portsmouth’s a medium size coastal city with 22,277 residents as of July 1, 2021, according to the U.S. Census Bureau. The city’s rife with attractions including a new jazz club, theaters, restaurants, overall safety, outdoor living, and the school district has 6 schools with 2,531 students. Here’s the scene from Jimmy’s Jazz & Blues Club on New Year’s Eve: Happy New Year’s Eve from Portsmouth, NH! pic.twitter.com/5wwd4JU4sJ— Kimberley Haas (@KimberleyHaas) January 1, 2022 The Seacoast region has and will continue to benefit from market demand that is generated by people looking for a higher quality of life within an urban setting, Jim Goldenberg, principal of Cathartes,…
By KIMBERLEY HAAS Officials at the Consumer Financial Protection Bureau are cracking down on a mortgage company that allegedly discriminated against minority families and a bank that is accused of pressuring employees into unlawfully accessing the credit reports of customers. With the aid of the U.S. Department of Justice, CFPB officials took action to end Trident Mortgage Company’s alleged discrimination against families in minority neighborhoods in the greater Philadelphia area. It is alleged that Trident violated the Equal Credit Opportunity Act and the Consumer Financial Protection Act. DOJ officials also claim Trident violated the Fair Housing Act. In Philadelphia neighborhoods that were more than 80% minority, more than half of the applications Trident generated were from white applicants, according to…
By SCOTT KIMBLER Times have changed when it comes to the home buying process. The age-old way of buying a first-time home, or even a larger home was to save to have 20% down and sign on to a 30-year-mortgage. Other parts of the equation included maintaining a high credit score and paying off debts so you could get a good rate. But now some people are finding they need to be re-educated about the process of home buying in their search for the best home and the best price. Elizabeth Rose is with Mortgage 300 in Dallas, TX and says even though interest rates have gone up and will continue to, home ownership is still something to strive…
Gross domestic product declined for a second quarter, down 0.2% on the heels of Q1’s 0.4% dip, the Commerce Department said. By a common definition, this means that the U.S. has entered into a recession. The National Bureau of Economics, a non-profit that determines when the U.S. is officially in recession, defines it as a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” Many economists say they don’t believe the economy has fully entered recession, pointing out that falling GDP is only one measure of many. Fed chairman Jerome Powell said the data should be taken with “a grain of salt.” But formal definitions notwithstanding, a majority of Americans…
By KIMBERLEY HAAS As 94% of surveyed lenders agree that appraisal modernization efforts are valuable, two leaders who have witnessed the industry changing say new technology is making things possible that could have only been imagined in the past. Dean Kelker, Senior Vice President and Chief Risk Officer at SingleSource Property Solutions, and Todd Rasmussen, President of Equity Valuation Partners, recently sat down for interviews with The Mortgage Note, and this is what they had to say. “The lending process itself has changed quite a bit. It is certainly much faster than it was years ago largely because of the technology that’s been driving it,” Kelker said. “Most recently, largely due to the low interest rates, we have had a…
By KIMBERLEY HAAS A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families. During a hearing, Ways and Means Republican Leader Rep. Kevin Brady said American families and workers are finding that President Joe Biden’s economy is “cruel.” “Working women haven’t had it this bad in decades. The dangerous baby formula shortage, rising crime, and inflation, and now housing they can barely afford to live in. Just as with crushing gas prices, Democrats in Washington are blaming everyone under the sun for the cruel rise in housing costs: builders, local investors and developers who make the construction of new homes and neighborhoods a reality,” Brady said. He added, “Republicans have held…
Inflation jumped by 9.1% YOY in June, more than analysts predicted and the largest gain since 1981, according to data released by the Labor Department today. The Consumer Price Index showed inflation rising 1.3% month-over-month, its largest jump since 2005. Predictions ahead of the data’s release forecast a 1.1% rise from May and an 8.8% increase YOY. This is the fourth consecutive month that analyst predictions fell short. Another month of skyrocketing inflation suggests that officials will be forced to continue aggressively raising interest rates. But rate hikes have stoked fears of a recession. Strategists at Goldman Sachs recently upgraded their recession probability to 30% from 15%. “We now see recession risk as higher and more front-loaded,” Goldman Sachs Chief…
