Investments

Fannie Mae, Freddie Mac hike mortgage modification interest rate for first time in 2016

Benchmark rate increased back to February 2016 level
The market mortgage interest rates aren’t the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months. The increase will be the first time that the GSEs increased the modification benchmark interest rate in 2016.
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New York unveils bill of rights for borrowers facing foreclosure

State takes final steps to implement new foreclosure laws
The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.
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Mortgage defects fall for first time in a year as TRID issues subside

New ARMCO report shows regulatory/compliance defects falling in Q2

Earlier this year, a report from ACES Risk Management shows the rate of serious mortgage defects on the uptick from the moment TRID started. Now, a new report from ARMCO shows that as the mortgage industry becomes more accustomed to operating in the post-TRID world, serious mortgage defects are actually declining.


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Blackstone CEO, leader of Trump's advisory board expects "substantial" reduction in regulations

Steve Schwarzman said changes could be most significant in 45 years
Steve Schwarzman, the chairman and CEO of Blackstone Group, expects to see a “substantial” reduction in government regulations during the term of President-elect Donald Trump. And Schwarzman will be well positioned to help contribute to that regulatory rollback, as he was recently named the leader of Trump’s Strategic and Policy Forum, a group of 16 CEOs who are expected to advise the president-elect on economic issues.
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Here's one big roundup of reactions to Ben Carson, HUD secretary

Opinions vary greatly. Big surprise, right?
Last week, as we all waited for Ben Carson to accept Donald Trump’s initiation to run the Department of Housing and Urban Development, reactions poured in from all sides about whether HUD Secretary Ben Carson is a good idea or not. Well, now that’s officially official, reactions are no longer based on hypotheticals about Carson as a potential choice. Here’s a recap.
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The pessimist's guide to 2017 is here and it's time for everyone to panic

How bad can things really get?
[Color commentary] Yesterday, I got an email from a source who asked: “If I told you at the beginning of the year you’d be writing about Pokemon and Ben Carson leading HUD, what institution would you commit me too?” Like all other semi-casual observers of market trends, I did not reply and instead, like all fellow pessimists, I chose to panic. Good news is, we're not alone.
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