The debate continues over whether FHA should reduce their required annual or up-front mortgage insurance premiums. A prior cut was canceled by the Trump Administration. Now with markets improving, the new HUD Secretary, Dr. Ben Carson, says FHA may consider a cut. But, only if in the best interest of the FHA insurance fund and consumers. FHA delinquencies are down…
According to the Federal Reserve, the amount of consumer outstanding debt now exceeds the pre-2008 crisis levels. That means consumers owe more money today than they did back in 2008. The difference is in the makeup of that debt. Today, consumers owe more in combined non-mortgage debt than they do in home financing. Not surprisingly, student loans lead the pack.…
I don’t know about you, but I am fed up with the political BS going on in Washington, DC with the President, his cabinet, tweets, conversations, and the election. It’s over! It’s time to get on with running the Country. The Democrats only interest is in discrediting Trump and blocking anything he tries to do. Regardless of any potential benefits…
Unfortunately, Wells Fargo is back in the news. They are back this time on the wrong side of a suit brought by the City of Philadelphia. The City is going after Wells for discriminating against minority borrowers in their mortgage lending. They claim Wells charged higher rates to Black and Latino borrowers for their loans as compared to what they…
I apologize for missing a blog post or two lately. I am recovering from some pretty major cervical surgery and it is tough to concentrate with this pain in my neck. Through my process, I spoke with my surgeon twice; once before and once after my procedure. Otherwise, communication and information came from his assistants and nurses. If it weren’t…
In a recent story in Mortgage Orb, I was asked to comment on the MBA white paper called “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market.” The white paper discusses the new MBA proposal to have the GSEs “congressionally re-chartered” (re-privatized) and have the mortgage-backed securities that they issue be “explicitly guaranteed!” I stated that in my opinion, the…
