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Daily Dose

Fannie Portfolio Sees Monthly Jump

Fannie Mae’s gross mortgage portfolio increased at a compound annualized rate of 0.1 percent in March. In February, it decreased at an annualized rate of nearly 17 percent. Total aggregate unpaid principal balance on the GSE's mortgage portfolio was just under $269 billion—up about $30,000 over the month.

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Deadline Approaches for Shareholders to Pursue Claims Against Ocwen

According to Tripp Levy, Ocwen has made public statements to its shareholders that were false and misleading. The firm stated that the deadline for investors to make their claim is approaching, as it mounts a class-action law suit on behalf of shareholders who purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017. In reaction to recent allegations, Ocwen has responded: "Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the Company."

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Non-current Loans Lowest in 11 Years

Non-current inventory is at an 11-year low, falling below historical norms for the fourth consecutive month. The states with the highest percentage of non-current loans were largely in the South, including Mississippi, Louisiana, Alabama, New Jersey, and West Virginia. States with the lowest share were in the Midwest and Western U.S., including Idaho, Montana, Minnesota, North Dakota, and Colorado.

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The Week Ahead: Taking a Look at the Financial CHOICE Act

On Tuesday at 10 a.m. EST, the Financial Services Committee will meet for the markup of the Financial CHOICE Act. Financial Services Committee Chairman Jeb Hensarling (R-Texas) had introduced the Financial CHOICE Act on Wednesday of last week as an alternative to the Dodd-Frank act. “The Financial CHOICE Act guarantees that the era of big bank bailouts and ‘too big to fail’ is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling.

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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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Fintech Innovation Demands Great Responsibility

Thomas Curry, the federal comptroller of the currency, spoke at a fintech conference Friday, where he extolled the virtues of tech innovation in banking. But he also warned of the need for secure and responsible advancements. To democratize financial services through technology is the goal, but to guard against criminals and terrorists is a necessity.

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Renter, Homebuyer Monthly Costs Largely Even

The average American renter can now purchase a home more expensive than the nation’s median home value, while keeping their monthly housing budget the same. This was true in 37 out of 50 markets analyzed. The current national median rent is $1,416 per month—just enough to handle the monthly costs of a property valued at $289,505, including property taxes, maintenance, and insurance payments.

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GDP Growth Doesn’t Meet Expectations

According to estimates by the Bureau of Economic Analysis, GDP growth was stagnant in Q1 2017, not meeting the expectations of Wall Street, experts say that this may be an inflection point for the economy. Healthier business investment during the quarter indicated that the overall economy was performing better than the headline numbers would suggest.

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Counsel’s Corner: Regulatory Compliance in Today’s Technology-Inundated Mortgage Industry

Alan Weinreb, Founder of the Margolin & Weinreb Law Group, is a New York-based attorney specializing in mortgage foreclosure, bankruptcy, and REO. Weinreb represented the plaintiff in a very significant case recently, which saw a federal court hand down a decision on a traditionally state-level issue: foreclosure actions. According to Weinreb, the outcome could impact future foreclosures across the state—and the nation—for years to come.

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Fed’s MBS Phaseout May Drive Up Rates

Many expect the Federal Reserve to begin pulling back from the MBS market later this year or early next. A new analysis delves into the options the Fed has for its pullback--as well as the impact each of those options may have on the market. Whichever the Fed choose, expert say it will impact mortgage rates either way.

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