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Secondary Market

Honoring Housing’s Top Females

Nominations are now open for MReport’s Women of Impact list, which features influential female leaders in the housing and mortgage industry. The honorees will be recognized in the magazine’s special Women in Housing issue in September.

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Industry Report Aims to Tackle Abandoned Property Problem

The National Mortgage Servicing Association is calling for federal agencies to work together in conjunction with the mortgage servicing community to standardize the treatment of vacant and abandoned properties, a known cause of community blight and haven for crime. The organization submitted a report to the leadership of HUD, CFPB, the U.S. Department of the Treasury, OCC, Fannie Mae, and Freddie Mac outlining the problem, proposing solutions, and identifying the benefit of each recommendation for the consumer.

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The Battle Against Blight: State and Local Officials Meet

Recently, in a roundtable event on community blight in Harrisburg, Pennsylvania, a town plagued with hundreds of cases of community blight, Senators and experts met to discuss possible solutions. What steps can be taken to curb the disastrous effects of blight? Read on to see three video clips showcasing the highlights of the meeting.

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Long Road Ahead for GSE Profit Allocation Battle

The Government has been trying to figure out where the profits from Fannie Mae and Freddie Mac will go for over four years now, but according to a prominent hedge fund manager, it could go on another five more. When investors bought into the GSEs during the 2008 housing crash, they were under the impression that the allocation of profit would be amongst the shareholders. When the company changed their terms in 2012, a legal battle ensued that could last a total of 10 years.

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Fannie Mae Says Uncertainty Lies Ahead

The U.S. is embarking on its ninth year of economic expansion and Fannie Mae is predicting economic growth rebound. Consumer spending growth is expected to return to its position as the biggest contributor to economic growth. With labor and inventory shortages still prevalent, the housing market hasn’t changed very much and home prices are still on the rise. Based on their research, Fannie expects mortgage rates to remain supportive, but the outlook on existing home sales remains cautious.

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Could Supreme Court Decision Have Vast Implications on Mortgage Industry?

The Supreme Court ruled Monday in a unanimous decision that the Fair Debt Collection Practices Act did not extend its reach to entities that purchase defaulted loans on the secondary market. The petitioners brought their case in front of the Supreme Court in an appeal of the 4th Circuit Court ruling in favor of the respondent. Justice Neil Gorsuch delivered his first opinion since his conferral to the Court.

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House Passes Sweeping Regulatory Legislation

On Thursday, the House of Representatives passed a landmark bill--233 to 186--that, in its current form would dramatically change the future of financial regulation. The Financial CHOICE Act, originally introduced by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, on April 26, 2017, significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse.

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FHFA and Treasury Urge Panel Not to Modify Decision

In February, the D.C. Circuit panel gave the U.S. Department of the Treasury and Federal Housing Finance Agency (FHFA) a win over the allocation of profits from Freddie Mac and Fannie Mae to the Treasury. This affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, however Fannie and Freddie shareholders sued the two for agreeing to the deal. Now, the FHFA and Treasury are urging the D.C. Circuit not to modify its ruling.

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