Monday Morning Cup of Coffee: Time to cut the MLS cord?

Monday Morning Cup of Coffee: Time to cut the MLS cord?

Plus housing metrics, the incredible shrinking GDP, and kicks are for TRIDs

Jeb Bush: Current housing and debt situation unsustainable

Is the clock ticking on the 30-year mortgage?

Senate banking committee passes massive regulatory relief bill

Big implications in legislation for housing and mortgage finance
W S

News

Monday Morning Cup of Coffee: Time to cut the MLS cord?

Plus housing metrics, the incredible shrinking GDP, and kicks are for TRIDs
Trey Garrison
TILA-RESPA and TRID are closing in – are you ready? Plus how weak is the recovery, will housing pull it through, and you say you want to ditch the MLS? Read on for all this and more.
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Former Dallas Cowboy out of prison after serving 3 years for mortgage fraud

Eugene Lockhart jailed for taking part in $20 million fraud scheme
Ben Lane
A former Dallas Cowboys player is out of federal prison after serving three years for taking part in a $20 million mortgage fraud scheme, which involved at least 10 other people who were also convicted. The scheme saw the group recruit straw buyers who falsified their income documents to obtain loans for inflated prices.
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Barclays mortgage bond trader fired for allegedly lying to clients

Yoon Seok Lee “discharged” on Feb. 11
Ben Lane
Barclays Capital fired one of its mortgage bond traders after he allegedly lied to clients about residential mortgage-backed securities trades.
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Title agent gets 5 years in multimillion-dollar mortgage fraud scheme

Complex mortgage fraud, sham sale and wire fraud web collapses
Trey Garrison
A former real estate title agent was sentenced to 66 months in prison for carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million.
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Yellen: If nothing changes, expect higher interest rates this year

Contingent on “continued improvement” in labor market conditions
Ben Lane
As predicted by many economists, the Federal Reserve is indeed considering raising the Federal Funds Rate later this year, Fed Chair Janet Yellen said Friday. And if the economy improves as expected, she believes it will be “appropriate” for the Fed to raise the Federal Funds Rate this year, which in turn, would affect mortgage interest rates.
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To Go: Title company closes mortgages on wheels

Mobile closings come to you
A Detroit-area title company is offering what its president says is the area’s first mobile closing vehicle, which brings the closing process to the client instead of the other way around. While mobile mortgage closings are nothing new, this is pretty inventive.
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Lehman Brothers suing over crisis-era toxic mortgages

Asks judge to cancel claims by Syncora Holdings and U.S. Bancorp
Ben Lane
Lehman Brothers Holdings filed suit against Syncora Holdings, U.S. Bancorp and GreenPoint Mortgage Funding in an effort to try to get “duplicate” claims filed by those three companies against Lehman Brothers thrown out because Lehman Brothers is ready to settle and move on.
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MBA analysts: April housing starts gain not an outlier

12-month running average shows long-term trend
Trey Garrison
Was April’s housing starts report a one-time high watermark, or part of a longer-term trend for spring? MBA thinks it knows.
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Credit unions applaud bipartisan reform bill on FHLB membership

Would create parity between banks and credit unions, restrict FHFA limits
Trey Garrison
The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria. Here’s what’s cooking.
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Jeb Bush: Current housing and debt situation unsustainable

Is the clock ticking on the 30-year mortgage?
Trey Garrison
Presidential candidates are stepping into the national limelight as the race for the White House in 2016 edges closer, and now, finally, the topic of housing is creeping into the conversation.
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