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Jun 15, 2016 12:30 PM

Fannie Mae Plans Significant Data Release on Modified Loans

Fannie Mae announced June 6 that it will release a huge collection of data on previously modified loans in its portfolio as part of its effort to securitize re-performing loans later this year, HousingWire reported. Fannie plans to release the data in July.

Jun 15, 2016 12:30 PM

Republicans Detail Plan to Overhaul Dodd-Frank

Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, on June 7 detailed a plan to dismantle major portions of the Dodd-Frank Act, The New York Times reported. The proposed Financial Choice Act would take significant authority away from regulators who oversee some of the nation’s largest financial institutions.

Jun 08, 2016 12:30 PM

3 States See Action on AMC Legislation

Minnesota, Louisiana and Illinois all took action in late May on legislation concerning appraisal management companies, the Appraisal Institute reported June 8. The governors in two states signed AMC legislation into law while a third governor is reviewing the legislation proposed in his state.

Jun 08, 2016 12:30 PM

USDA Final Rule on B&I Loans Raises Appraisal Threshold

The U.S. Department of Agriculture’s Rural Business-Cooperative Service on June 3 released its final rule that makes changes to its Business and Industry Guaranteed Loan Program to improve program delivery, clarify regulations and reduce delinquencies. Additionally, the final rule raises the appraisal requirement threshold.

Jun 08, 2016 12:30 PM

Supreme Court Sides with Landowners over Wetlands

The U.S. Supreme Court unanimously ruled May 31 that landowners can immediately proceed to court once federal regulators determine that property containing wetlands is covered by the Clean Water Act, National Real Estate Investor reported May 31. The decision could expedite the approval process for entities seeking to develop wetlands.

Jun 01, 2016 12:30 PM

Wells Fargo Fined $70M over Mortgage Servicing

The U.S. Comptroller of the Currency on May 25 fined Wells Fargo $70 million over its mortgage servicing practices but ended restrictions it had placed on the bank, Reuters reported. The bank is accused of making inaccurate escrow calculations resulting in incorrect loan modification denials.

Jun 01, 2016 12:30 PM

Chase Nearly Done with Consumer Relief Requirements

JPMorgan Chase has paid more than $3.9 billion of the $4 billion in consumer relief it was ordered to provide for more than 165,000 borrowers as part of its settlement with the federal government and five states over the packaging and sale of soured residential mortgage-backed securities, HousingWire reported May 26.

Jun 01, 2016 12:30 PM

Freddie Mac: US Housing Markets Continue to Improve

Freddie Mac announced May 25 that its Multi-Indicator Market Index rose to 83.8, which is a 7.23 percent increase from the previous year and indicative of an improving housing market. A score of 100 means that indicators are at average benchmark levels. Thirty-six states and the District of Columbia are within range of average benchmarks.

May 25, 2016 12:30 PM

Court Voids $1.27B fine Against Bank of America in 'Hustle' Case

A U.S. appeals court on May 23 overturned a $1.27 billion penalty against Bank of America, voiding a jury's finding that the bank was liable for selling toxic mortgage loans to the government-sponsored enterprises, Reuters reported. The government had accused the bank of fraud over a loan origination process known as “Hustle.”

May 25, 2016 12:30 PM

Fannie: Economic Growth Continues Downward Slide

Fannie Mae on May 17 lowered its full-year economic growth forecast to 1.7 percent, down from 1.9 percent noted in a previous forecast and 2.2 percent reported at the beginning of the year. However, growth is expected to recover with a boost from home sales and low mortgage rates.

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