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Home >> Author Archives: Scott Morgan

Author Archives: Scott Morgan

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CFPB Director to Testify About Discrimination Allegations

CFPB Director to Testify About Discrimination Allegations

The House Financial Services Committee is set to hear testimony from CFPB Director Richard Cordray on Wednesday about allegations of discrimination at the bureau. Wednesday's hearing will be the third hearing on the matter following earlier allegations from whistleblowers that CFPB fostered "a culture of racial and gender discrimination and retaliation against its employees."

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Community Banks Argue for Expanded CFPB Exemptions

Community Banks Argue for Expanded CFPB Exemptions

Independent Community Bankers of America (ICBA) submitted a letter to the Consumer Financial Protection Bureau asking the agency to expand the small creditor exemptions set out under its mortgage rules that went into effect in January. ICBA's main request is that mortgage loans held in small creditors' portfolios automatically receive qualified mortgage safe harbor status for as long as the loans are held in those portfolios.

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Are Rising Student Loans Really Stifling Homeownership?

Are Rising Student Loans Really Stifling Homeownership?

One of the pet reasons for explaining the lack of demand for houses among millennials is the presence of ever-escalating student loan debts. The thinking goes that college graduates are so mired in debt that they either cannot afford to buy or are too afraid to run up more debt. However, Mark Fleming, chief economist at CoreLogic, isn't buying it.

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House GOP Highlights Dodd-Frank Failures

House GOP Highlights Dodd-Frank Failures

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

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Despite Gains, Recovery Still in ‘Middle Innings’

Despite Gains, Recovery Still in ‘Middle Innings’

The housing market overall really is recovering, despite a lackluster so far this year. It's just going to take a lot longer in several markets, according to Zillow. According to the second-quarter Zillow Real Estate Market Report, home values in half of the nation's 100 largest metro areas will not return to their pre-recession peak levels for at least three years. In a few markets, full recovery will take more than a decade.

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Analysts Still Hopeful on Housing in 2014

Analysts Still Hopeful on Housing in 2014

Redfin released its latest market summary, which sees the combination of sales, prices, foot traffic, and inventory as positive signs heading into the fall. "After an abysmal first quarter that drove a disappointing first half, housing will be playing catch-up for the year," said Nela Richardson, Redfin's chief economist. "Though it won't be a seamless transition, we believe the housing market is positioning itself for a stronger finish in the second half of the year."

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Trends Indicate Recovering (Not Bubbling) Home Market

Trends Indicate Recovering (Not Bubbling) Home Market

Market trends across the United States indicate a recovering real estate market—but not a bubble—according to the latest Home Value Forecast from Pro Teck Valuation Services. According to the forecast, the housing economy is in healthy rebound, so much so that even the markets showing the greatest appreciation are not near 2006 figures, when the market was at its historical peak.

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Report: S&P Seeking to Settle Ratings Lawsuit

Report: S&P Seeking to Settle Ratings Lawsuit

Ratings agency Standard & Poor's might be looking to strike a deal of up to $1 billion with the government to settle a suit filed last year, the Wall Street Journal reports. The suit alleges that S&P "knowingly and with the intent to defraud, devised, participated in, and executed a scheme to defraud investors" in collateralized debt obligations and securities backed by residential mortgages between September 2004 and October 2007.

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Boston Fed: Tight Credit Still Choking Recovery

Boston Fed: Tight Credit Still Choking Recovery

Despite the best efforts of the federal government to allow those with dented and troubled credit to continue having access to mortgage loans, tight credit restrictions are still slowing the national housing recovery, according to a report released by the Federal Reserve Bank of Boston.

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Ginnie Mae on Track to Surpass Freddie

Ginnie Mae on Track to Surpass Freddie

On Wednesday, the Urban Institute (UI) issued a report finding that, based on the latest numbers, Ginnie's book of business is now at $1.5 trillion—a rate of growth that has tripled over the last seven years. What this means is that at its current rate of growth, Ginnie Mae will soon surpass Freddie Mac as the silver medalist in the single-family mortgage securitization platform game, behind Fannie Mae.

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