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Tag Archives: Trump

JPMorgan CEO on Trump

Jamie Dimon of JPMorgan Chase released an official comment in response to the disbanding of President Trump’s manufacturing and business advisory councils, outlining his thoughts on the responsibilities of a leader.

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Tip of the Iceberg

When will it end? The subject of mortgage mergers and acquisitions (M&A) has been written about extensively since 2010—many articles by yours truly—and at the rate things are going, we’re going to see many more.  Market consolidation in the independent ...

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Analyzing the HUD Budget

On Tuesday, the Trump administration announced its proposed 2018 budget. Included in the budget are several cuts to Department of Housing and Urban Development programs, including cutting the funding to the Community Development Block Grant Program, as well as the Choice Neighborhoods Initiative, HOME Investment Partnerships Program, and the Self-Help Homeownership Opportunity Program.

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Trump Nominates Deputy HUD Secretary, Industry Reacts

President Donald Trump nominated Pamela Hughes Patenaude to be Deputy Secretary of Housing and Urban Development on Friday. Widely considered the real position of power at HUD, Patenaude’s confirmation as Deputy Secretary would see her serve alongside Dr. Ben Carson, who was confirmed as HUD Secretary in March.

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Treasury Announces Corporate Tax Cuts

On Wednesday afternoon, Treasury Secretary Steven Mnuchin released a tax reform plan which could have a significant impact on the mortgage industry and the financial industry as a whole. In an interview with The Hill, Treasury Secretary Steven Mnuchin called the tax cuts in President Trump’s reform “The biggest tax cut and largest tax reform in history of this country.” The proposal calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction.

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The Financial Sector in Trump’s Presidency

Following the election of Donald Trump, the financial sector, including banks, saw a average earning growth of 16.4 percent, with revenue growing over 9 percent. Bank stocks fell 1.5 percent during the first three months, though have remained high and stable since.

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The Mortgage Market in the Potential Government Shutdown

With the federal funding running out on Friday and a potential government shutdown looming, expect to see an impact on the mortgage industry. Access to tax documents and other government paperwork may prove difficult in the event of a shutdown. CNBC noted that “non-essential” employees, such as those that process paperwork through the Internal Revenue Service, would be furloughed during a shutdown, causing roadblocks for those applying for mortgages.

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The Week Ahead: FSC to Hold Financial CHOICE Hearing

In the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act. Committee Chairman Jeb Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.

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Critics Fear Crisis After Latest Exec Orders

Critics have begun to speak out after President Trump signed two executive orders calling for the review into “too big to fail” and a number of financial oversight entities. Some even fear it could signal another financial crisis is on the horizon. Trump’s orders specifically require a review of the Financial Stability Oversight Council and the Orderly Liquidation Authority.

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CFPB Defends Its Own Constitutionality

On Friday, the Consumer Financial Protection Bureau filed a brief defending the constitutionality of its single director structure, which has been called into question several times through the course of its ongoing case against PHH Corp. The brief, filed in advance of oral arguments, stated that the CFPB’s leadership model was not a violation of the Constitution’s separation of powers clause.

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