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Tag Archives: Housing Crisis

Fannie Mae CEO on the GSE’s Past & Future

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 ...

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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 ...

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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.

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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.

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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.

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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.

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