Trending Thursday: Housing, mortgage finance getting a break from Washington?

Trending Thursday: Housing, mortgage finance getting a break from Washington?

Plus untying Fannie, Freddie and the whole Gordian knot of conservatorship

Existing home sales crater in April, falling 3.3%

Spring buying stalls out after strong March performance

It's official: NYDFS Superintendent Ben Lawsky stepping down

4 years as leader of “long reach” New York financial regulator
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Servicing

Fraud enforcement official arrested for mortgage fraud

Feds charge he submitted false application for loan modification
Trey Garrison
The Director of Investigations for the State of Connecticut’s Department of Social Services was arrested on a federal criminal complaint charging him with wire fraud in connection with his submission of a fraudulent application for a personal mortgage modification. This is exactly the story you were looking for.
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RealtyTrac: Foreclosure activity jumps to highest level in 18 months

Bank repo activity fueled big drive up in foreclosures
Trey Garrison
Foreclosure filings were up 3% in April and up 9% from a year ago, pushing to an 18-month high. Here’s where it went off track.
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Another Nationstar executive stepping down

David Hisey resigns as EVP, chief strategy and external affairs officer
Ben Lane
For the second week in a row, a high-level executive at Nationstar Mortgage Holdings is resigning. Nationstar announced Wednesday that David Hisey, who served as executive vice president, chief strategy and external affairs officer, informed the company that he is resigning, effective at the close of business on June 19.
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Fannie and Freddie set new financial rules for mortgage servicers and sellers

Specifically targets nonbanks
Ben Lane
The GSEs announced Wednesday that they are issuing new operational and financial requirements for all current and potential sellers and servicers that do business with the government sponsored enterprises, making official the proposed rules issued in January.
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It's official: NYDFS Superintendent Ben Lawsky stepping down

4 years as leader of “long reach” New York financial regulator
Trey Garrison
Rumors that Lawsky would be stepping down have been circulating since November, but today’s announcement made it official. The man lauded as an exceptional financial regulator in some quarters, and a thorn in the side of the mortgage industry in others, is now moving on.
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Lawsky: New York’s foreclosure system is broken

Calls for reforms in state’s foreclosure process
Ben Lane
The state of New York is still facing a massive glut of foreclosures that are choking an over-stressed system and threatening the state’s homeowners, New York Department of Financial Services Superintendent Benjamin Lawsky told the crowd at the Mortgage Bankers Association’s National Secondary Market Conference on Tuesday morning. “The state’s foreclosure process is broken and badly in need of change,” Lawsky said.
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TransUnion: Mortgage delinquency rate drops to pre-Recession level

Strong performance by newer vintage loans fuels drive
Trey Garrison
The mortgage delinquency rate dropped below 3% in the first quarter of 2015, the first time the variable has beached that watermark since just before the recession started in late 2007. Want to know what it means? Read on.
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Major mortgage firms agree to deal with zombie properties

New York Dept. of Financial Services works to maintain communities
Trey Garrison
Wells Fargo, Bank of America, Citigroup, and other companies representing nearly 70% of the New York market say they are going to adopt zombie property best practices coordinated by the New York Department of Financial Services.
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Nationwide Biweekly claims CFPB suit contains multiple errors

“We are puzzled by the CFPB’s allegations”
Ben Lane
Nationwide Biweekly Administration, which stands accused by the Consumer Financial Protection Bureau of misrepresenting the savings that customers will achieve by using the company’s biweekly mortgage payment program, has responded to the CFPB’s charges, saying the regulator's lawsuit is full of errors.
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What to expect at MBA’s Secondary Market Conference

Thousands of mortgage professionals set to descend on NYC
Ben Lane
Thousands of mortgage and secondary market professionals are set to descend on New York City this weekend as the industry gathers for the Mortgage Bankers Association’s National Secondary Market Conference 2015. Here's the full rundown.
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