It’s been a decade since the housing bubble collapsed, sending shockwaves through the mortgage industry and creating economic impacts that are still being felt throughout the nation to varying degrees. In its December 2017 issue, DS News spoke to several ...
Read More »Puerto Rico Evacuees Exacerbating Florida Housing Crisis
Update: This story has been updated to note FEMA's extension of the TSA program for Puerto Rico evacuees. Over three months after Hurricane Maria made landfall on the island of Puerto Rico, half of the island’s 3.4 million citizens are ...
Read More »PHH Moves Forward With Updated Servicing Standards
In a statement released Wednesday, PHH said they will implement new servicing standards as part of a settlement with a multi-state group of state attorneys general, as well as following a “testing and reporting process to ensure compliance with the ...
Read More »Judge Orders State to Pay Castle Law’s Legal Tab
A Colorado district judge has ordered the state to cover attorney’s fees for Castle Law Group. The firm won a landmark case against the state attorney general office in April.
Read More »Yellen: There’s Still More Work to Do
In a speech at the Federal Reserve's annual conference, Janet Yellen looked back at the financial crisis—as well as the insights, lessons, and reforms that came out of it. Read on to see more of Yellen's remarks.
Read More »Is Subprime About to Make a Comeback?
Could increasing non-QM issuance indicate another crash is on the horizon? Are non-QM loans the new subprime? Research released today may have the answer everyone is looking for.
Read More »DOJ Policy Change Could Impact Crisis Suit Payouts
A memo from Attorney General Jeff Sessions has revealed a policy change at the U.S. Department of Justice: DOJ attorneys can no longer send settlement money to community groups or third-party vendors not directly harmed by the defendant in question. The practice had become common under the Obama administration, as prosecutors tacked on additional settlement costs to fund groups fighting community blight and serving other mortgage-related purposes across the nation. Critics of the practice called it a “slush fund” for promoting partisan political goals.
Read More »Blame it on Refis
According to new analysis of GSE loan performance data, refinances may be, in large part, to blame for the housing crisis. An uptick in “using homes as ATMs” lead to sloppier underwriting and an uptick in defaults on refis leading up to the collapse. Refis were significantly more likely to be seriously delinquent than purchase loans during this time.
Read More »Immigrant Homebuyers Helped Post-crisis Bounceback
According to a new report, immigrant homebuyers helped the housing industry recover from the recession in a big way—and it will continue influencing the markets in the years to come. Suburbs, in particular, will see large immigrant homeownership growth, as most are looking for single-family homes in affordable areas. These communities need to be proactive in preparing for more immigrant residents.
Read More »Ex-Fannie Mae Boss Mudd Pushes for Dismissal of SEC’s Fraud Suit
The SEC sued six former GSE executives in 2011 over subprime mortgage fraud. The other five have all reached settlements; why is Mudd taking his case all the way to trial?
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