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MBA Advocacy Update July 20, 2012
A bipartisan group of more than 100 members of the House of Representatives wrote to the CFPB this week to urge that the final "ability to repay" rule's qualified mortgage (QM) definition include a strong legal safe harbor. The letter was a key part of MBA's advocacy on Capitol Hill and was aided by the grassroots support of our members during the National Advocacy Conference in March and in subsequent calls to action by the Mortgage Action Alliance (MAA).
Read the full advocacy update.
 

MBA Advocacy Update July 13, 2012
As the CFPB races to finalize the ability to repay rule by year's end, a key House subcommittee took up the issue Wednesday at a hearing that brought together industry and consumer groups. Testifying on behalf of MBA, chairman-elect Debra Still, CMB, stressed that consumers would benefit from a final rule that defined qualified mortgages (QM) broadly, with clear and unambiguous standards and a legal safe harbor. Still and other witnesses also urged Congress to pass the Consumer Mortgage Choice Act, which would make important changes to the way the three percent cap on "points and fees" is calculated in the final QM rule.
Read the full advocacy update.
 

MBA Advocacy Update June 29, 2012
After more than a year of fits and starts, Congress today gave final approval to a five-year reauthorization of the National Flood Insurance Program. The deal, which came together earlier in the week, saw the expiring flood insurance provisions hitch a ride on a larger legislative package that includes highway funding and an extension of student loan interest rates. The House this week also passed the HUD funding bill and with it an MBA-supported amendment to block the department from finalizing its controversial rule that allows the use of "disparate impact" claims under the Fair Housing Act. With both the Senate and House in recess next week for Independence Day, we will not be sending an Advocacy Update on July 6.
Read the full advocacy update.
 

MBA Advocacy Update June 22, 2012
A key House subcommittee examined the CFPB's "Know Before You Owe" effort to combine RESPA and TILA disclosures, with MBA's Bill Cosgrove, CMB, testifying on behalf of the association. The Senate meanwhile completed work on the Farm Bill, adopting an MBA-backed amendment to grandfather in rural communities benefiting from USDA's housing programs and will now turn its attention to a five-year reauthorization of the National Flood Insurance Program.
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MBA Advocacy Update June 15, 2012
This week the Senate began consideration of a bill to reauthorize the National Flood Insurance Program for five years, a priority for MBA. The Senate also spent time this week debating a farm bill to which senators are attempting to attach an MBA-supported amendment that preserves access to the USDA's rural housing programs. Next week, a key House subcommittee will hold a hearing on RESPA and TILA disclosures at which MBA will testify.
Read the full advocacy update.
 

MBA Advocacy Update June 8, 2012
The House shined a spotlight on multifamily housing this week as a key subcommittee held an oversight hearing into FHA's programs. Rodrigo Lopez, CMB, a multifamily lender based in Omaha, Nebraska, testified on MBA's behalf on the important counter-cyclical role FHA has played during the recent housing crisis.
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MBA Advocacy Update June 1, 2012
Congress narrowly averted a costly lapse in the National Flood Insurance Program when the House, late on Wednesday, passed a 60-day extension that will keep the program up and running through the end of July. The Senate, which was on recess this week, had passed the bill last week, and President Obama signed it into law yesterday, May 31, 2012.
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MBA Advocacy Update May 25, 2012
Heading into the Memorial Day weekend, the Senate unanimously passed a 60-day extension of the National Flood Insurance Program, a priority for MBA and its commercial and residential members. The bill now moves to the House, which must approve the bill next week in order to avoid the program lapsing at the end of the month. A short-term extension also gives the House and Senate additional time to pass a 5-year reauthorization of the program.
Read the full advocacy update.
 

MBA Advocacy Update May 18, 2012
Congress wrangled over efforts to reauthorize the National Flood Insurance Program all week. The House overwhelmingly passed a stop-gap extension through the end of June, while the Senate took up a bill to keep the program running through the end of 2012 only to see a lone senator object to the measure. With the House scheduled to be in recess next week, another lapse in the program - scheduled to expire on May 31 - looms as a real possibility.
Read the full advocacy update.
 

MBA Advocacy Update May 11, 2012
Senators Bob Menendez and Barbara Boxer teamed up this week to propose new legislation that would make it easier for homeowners to refinance into more affordable interest rates. MBA has been actively engaged with senators on both sides of the aisle providing input on this evolving proposal, which would allow all borrowers with GSE-backed loans to refinance regardless of their debt-to-income ratios.
Real the full advocacy update.
 

MBA Advocacy Update May 4, 2012
The House and Senate took a week off but will return on Monday, May 7th, to tackle appropriations bills and a measure to prevent student loan interest rates from doubling. MBA is also ratcheting up its advocacy efforts on the QM rule and legislation to amend the definition of "points and fees" that will be used to determine whether a loan meets the QM criteria.
Read the full advocacy update.
 

MBA Advocacy Update April 27, 2012
In a week dominated by President Obama's call to freeze interest rates on student loans, MBA swung into action urging both Congress and the administration to resist tapping mortgage guarantee fees to pay for the legislation. MBA's chairman-elect Debra Still also testified this week before a Senate subcommittee examining new legislation that would make it easier for borrowers to refinance their mortgages.
Read the full advocacy update.
 

MBA Advocacy Update April 20, 2012
MBA hosted its annual National Advocacy Conference (NAC) this week, with more than 400 members fanning out across Capitol Hill and the executive branch to meet with their members of Congress, senators, regulators, and senior administration officials. In the midst of MBA's fly-in, the Consumer Financial Protection Bureau (CFPB) provided important guidance to states that will allow them to implement reciprocity, in certain instances, for loan originator licenses. This issue has been a high priority for MBA, and the CFPB's decision is a direct result of the advocacy efforts of our members.
Read the full advocacy update.
 

MBA Advocacy Update April 13, 2012
The regulators remained hard at work this week, and MBA submitted comment letters on three proposed rule makings affecting the industry. Members of the House and Senate spent this week in their home states and will return to session on Monday, while MBA's National Advocacy Conference will take place next Wednesday and Thursday here in Washington. NAC attendees will hear from several key policymakers and will visit Capitol Hill on Thursday to meet with their Senators and Members of Congress. During those meetings, MBA members will encourage Congress to take steps to restore certainty to real estate finance, strengthen the market to attract private capital, and ask that Congress refrain from using increased fees and taxes on housing to pay for unrelated spending.
Read the full advocacy update.

MBA Advocacy Update April 6, 2012
With Congress out of session for two weeks, members of the House and Senate spent the week in their home states. Here in Washington, DC, MBA has been putting the finishing touches on the National Advocacy Conference and confirming an exciting slate of speakers to address attendees during the conference on April 18 and 19. Meanwhile, Mortgage Action Alliance members swung into action to urge their Members of Congress to cosponsor legislation that clarifies the points and fees test in the QM definition.
Read the full advocacy update.

MBA Advocacy Update March 30, 2012
With significant help from MBA, Representatives Huizenga, Royce, Clay and Scott introduced a QM 3% bill. Republicans prepared to rally around Congressman Paul Ryan's proposed budget, which passed in the House of Representatives on Thursday, while Democrats eagerly dissected its contents. Fiscal 2013 appropriations hearings were held on Capitol Hill. Treasury Secretary Tim Geithner testified in both the House and the Senate and Richard Cordray, Director of the CFPB testified in the House Financial Services Committee. MBA members began discussing lifting the moratorium on the investor version of 203(k) home improvement loans at meetings with the Federal Housing Administration and the Federal Housing Finance Agency.
Read the full advocacy update.
 

MBA Advocacy Update March 23, 2012
The Senate cleared the STOCK Act on Thursday on a nearly unanimous 96-3 vote. The legislation, whose central purpose is to crack down on insider trading by members of Congress and their staffs, contains an amendment offered by Senator John McCain that bars senior executives at Fannie Mae and Freddie Mac from receiving bonuses while the firms are in conservatorship. The bill now goes to President Obama who has said he will sign it into law.
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MBA Advocacy Update March 16, 2012
With congressional and presidential primaries underway in many states throughout the country, the run-up to the elections is a reminder to our industry of how much is at stake in the months between now and November. Next month, MBA will be hosting its annual National Advocacy Conference, an opportunity for members of our industry - both residential and commercial - to meet with key regulators and members of the House and Senate to discuss the issues facing the mortgage finance sector. Your personal participation in Washington is a vital part of MBA's efforts to educate policymakers on a range of issues, from the risk retention and ability to repay rules, to the structure of the secondary mortgage markets, servicing standards and many others.
Read the full advocacy update.

 

MBA Advocacy Update March 9, 2012
MBA beat back another effort this week to raise Fannie Mae and Freddie Mac g-fees to pay for unrelated legislation. The provision had been included in a Senate amendment to clean the Gulf Coast in the aftermath of the BP oil spill. In the end, however, the Senate found another way to pay for coastal restoration. The victory was another example of the powerful voice of the Mortgage Action Alliance (MAA), whose members reached out to their senators and urged them to oppose using the housing industry as a piggy bank.
Read the full advocacy update


MBA Advocacy Update March 2, 2012
MBA members descended on Washington, DC this week to hold meetings with key federal regulators, members of Congress, and senior White House staff on the CFPB's proposed "ability to repay" rule and qualified mortgage (QM) definition. At the end of the fly-in, MBA hosted congressional briefings for Senate and House staff on the importance of the QM safe harbor and changes to the points and fees calculation. CFPB is expected to issue a final rule in the first half of 2012.
Read the full advocacy update

 

MBA Advocacy Update February 24, 2012
The House and Senate spent the short week in recess for the Presidents' Day holiday, with both chambers returning to work on Monday. Earlier in the week, the Federal Housing Finance Authority submitted to Congress its strategic plan for the next phase of conservatorship of the GSEs. The plan identifies three strategic goals, including building a new secondary mortgage market infrastructure, gradually contracting the GSEs' dominant presence in the marketplace, and maintaining foreclosure prevention activities and credit availability. MBA President and CEO Dave Stevens issued a statement in general support of the plan, though it remains unclear what impact FHFA's move will have on the overall reform debate.
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MBA Advocacy Update February 17, 2012
The House and Senate spent the week wrangling over a 10-month extension of unemployment benefits, Medicare payments to doctors, and the payroll tax holiday, with congressional tax-writers once again targeting Fannie Mae and Freddie Mac guarantee fees as a funding source for the legislation. MBA vigorously opposed this use of g-fees to pay for unrelated programs, and the final bill - which Congress hopes to pass by the weekend - did not contain this harmful provision.
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MBA Advocacy Update February 10, 2012
After months of tense negotiations, state attorneys general and federal regulators forged a $25 billion settlement agreement with the nation's five largest servicers. The announcement concludes an oftentimes arduous journey that produced rumors and speculation, but may now lead to a period of more certainty in the housing markets.
Read the full advocacy update.


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Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
July 21, 2010

Summary describing key points in the Dodd-Frank Reform and Consumer Protection Act that was signed into law on Wednesday, July 21, 2010


Letter to MBA Members on the Future of the  Federal Housing Administration and the Government National Mortgage Association
Read full letter
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