By CHUCK GREEN and KIMBERLEY HAAS The fate of Fannie Mae and Freddie Mac is being debated as the new Trump administration lays out its priorities for the next four years. Let’s start analyzing the situation by looking back in time. In 2008, Fannie Mae and Freddie Mac were in trouble. In fact, without government…
The Trump administration has nominated Jonathan McKernan for director of the Consumer Financial Protection Bureau. If confirmed, McKernan, a former board member at the Federal Deposit Insurance Corporation, would head the CFPB over a five-year term. He previously served as senior counsel at the Federal Housing Finance Agency and as an aide to former Tennesee…
The Mortgage Bankers Association promoted longtime employee Jamie Woodwell to SVP of Commercial/Multifamily Policy and Strategic Industry Engagement. Woodwell, a CRE expert, has worked with MBA for twenty years. He most recently served as VP and Head of Commercial Real Estate Research In his new role, he will oversee MBA’s public policy and member engagement…
The Consumer Financial Protection Bureau launched a public inquiry into mortgage “junk fees,” which it says hide in closing costs. The Bureau said closing costs have “risen steeply” and cause undue financial stress on both borrowers, who bear the burden of higher prices, and lenders, who have to pass costs along to borrowers in order to…
By ERIN FLYNN JAY As the Biden administration’s war on “junk fees” continues, mortgage industry leaders are saying closing costs are not the source of home affordability challenges. In March, leaders at the Consumer Financial Protection Bureau asked for input in a blog post aimed at challenging these costs. “Families who manage to save up…
The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
The Biden administration’s move to cap rent increases for affordable housing units has split support in the industry. Officials announced last week that the administration will impose a 10% cap on YOY rent increases for property owners who are part of the Low-Income Housing Tax Credit program. Currently, LIHTC allows increases of 5% or double…
Marcia L. Fudge, secretary of the U.S. Department of Housing and Urban Development, is unexpectedly resigning due to personal circumstances. Her exit comes after three years at HUD’s helm, having served for almost all of the Biden presidency. Fudge attributed her decision to her 92-year-old mother, with whom she wants to spend more time, and…
The Mortgage Bankers Association responded to comments by U.S. Treasury Secretary Janet Yellen who said that independent mortgage banks require regulatory oversight as they navigate commercial real estate debt. In a hearing for the Senate Banking Committee, Yellen said the Financial Stability Oversight Council is focusing on nonbank mortgage companies because they “lack access to…
By KIMBERLEY HAAS Federal officials and members of the mortgage industry are mourning the loss of David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president and CEO of the Mortgage Bankers Association for seven years. Stevens worked as the Federal Housing Administration Commissioner at the U.S….
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