News

Credit rating agencies ding Ocwen over CFPB, state regulator charges

S&P, Fitch, Moody’s, Morningstar take action on nonbank’s ratings
In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

Nonbank says that states’ restrictions will cause “significant harm” to consumers
Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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Community bankers: GSE reform should keep what works and just fix the problems

How to ensure a robust primary and secondary mortgage market
More talk of reforming the government-sponsored enterprises are starting to surface as the Trump administration promises to make reform a priority. Diverging from other industry reform options out there, the Independent Community Bankers of America penned their version of how GSE reform should take place. So which option will work best?
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Consumer confidence slips lower in April

Americans less optimistic about the future
Consumer confidence slipped in April as Americans waivered in their future expectations. The Conference Board by Nielsen explains less consumers are saying business conditions are good and more expected the number of jobs on the market to drop in the coming months.
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Fannie Mae announces new programs to break through student loan roadblock

Cash-out refinance, new debt-to-income calculations spur homeownership
The level of student debt in the U.S. has spiraled over the last decade to $1.4 trillion, effectively locking out millions of potential homebuyers from the market. Fannie Mae's new programs address specific roadblocks that these borrowers face, providing a jump-start to a whole new generation of homebuyers.
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New home sales soar above market expectations

Increased over 15% from last year
New home sales surged in March with double digit increases from last year and even significant progress from February. The numbers beat the market’s expectations, and one expert points out the spring home-buying season is already off to a busy start.
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FHFA: Home prices jump 6.4% annually in February

One region sees home prices decrease
Home prices increased in February, as several reports already showed. The latest report, put out by the Federal Housing Finance Agency, uses home sales price information from mortgages sold to, or guaranteed by the GSEs, and therefore excludes cash sales and jumbo loans.
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Case-Shiller: Home prices hit fourth consecutive all-time high

Dallas slips into top 3 cities with 8.8% home price increase
Home prices increased to a new high for the fourth consecutive month, according to the Case-Shiller index. S&P Dow Jones Indices’ chairman explains the state of the housing market, and how rising home prices fall in line with the nation’s home sales, housing inventory and other factors.
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