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Home >> News >> Government

HUD Secretary Details Agents Blueprint for Credit Access

HUD Secretary Details Agents Blueprint for Credit Access

HUD Secretary Julian Castro unveiled in a speech the points of the agency's "Blueprint for Access" meant to ease the risk of lending while expanding credit. "It's in our entire nation's interest to help more responsible Americans succeed in the housing market by expanding access to credit," Castro said.

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State Regulators Launch Mortgage Servicing Rights Task Force

State Regulators Launch Mortgage Servicing Rights Task Force

In its announcement, the Conference of State Bank Supervisors (CSBS) said it established the task force as a response to the explosive growth of non-bank servicers like Ocwen Financial and Nationstar Mortgage, both of which have moved to snap up servicing rights from depository firms and climb the ranks of the nation's biggest outfits.

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Refinances Up in August; HARP Volumes Keep Falling

Refinances Up in August; HARP Volumes Keep Falling

According to a report released this week by the Federal Housing Finance Agency (FHFA), total refinance volumes at Fannie and Freddie came to 131,075 in August, up more than 11,000 from July as mortgage rates slipped slightly to an average 4.12 percent. While overall refinancing activity increased, however, the number of refinances completed through HARP fell again to a combined 14,066—accounting for about 11 percent of total volume compared to July's 13 percent.

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Regulators Set to Adopt Finalized QRM Rule

Regulators Set to Adopt Finalized QRM Rule

The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC's board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan's risk when packing mortgages to sell to investors in the secondary market. The QRM rule is one of the bigger provisions mandated by the 2010 Dodd-Frank Act, with co-author Barney Frank remarking in the past that risk retention is "the single most important part of the bill."

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Maryland Bank Closes in 15th Collapse of 2014

Maryland Bank Closes in 15th Collapse of 2014

The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies. The latest collapse follows a quiet period after what had been an active summer for FDIC. Last year, the agency announced 24 bank closings, 22 of which had already occurred by this time.

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Housing Starts Rise After August Stall

Housing Starts Rise After August Stall

According to a joint release from the Commerce Department and HUD, homebuilders broke ground on new projects at a seasonally adjusted annual rate of 1.02 million last month, 6.3 percent above August's revised estimate of 957,000 (just barely up from the government's initial estimate).

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Community Banks Continue to Feel Compliance Burden

Community Banks Continue to Feel Compliance Burden

Community financial institutions are putting more of their resources toward compliance, according to compliance management systems firm Continuity Control. The firm's 2014 Third Quarter Banking Compliance Index revealed that in order to comply with the 82 regulatory changes added in Q3, 653 additional hours were required of the average community bank.

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Beige Book: Economic Growth Steady, Real Estate Mixed

Beige Book: Economic Growth Steady, Real Estate Mixed

The economy continued to grow on a "modest to moderate" track over the last month, with consumer spending and job growth fueling improvements in other economic sectors, according to the latest update from the Federal Reserve. With two weeks to go until the Federal Open Market Committee's next policy meeting, Wednesday's report further bolsters the popular prediction that the central bank will vote to end its monthly bond-buying program.

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