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  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

Items Tagged with 'qualified mortgage'

ARTICLES

Collingwood Group Chairman calls out 'regulatory Jihad' on mortgage lenders

Tim Rood says regulations actually seriously harming borrowers
There is little doubt that there are more regulations foisted upon the mortgage industry in the wake of the housing crisis. Count Tim Rood, the chairman of The Collingwood Group, among those who think the regulatory environment is smothering mortgage lenders, going so far as to use a shocking term to describe the current lending environment.
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4 ways the Qualified Mortgage rule doesn’t reduce mortgage lending

Urban Institute: Rule appears small to nonexistent
When the Qualified Mortgage rule came out in January 2014, many worried that the rule would contribute to a reduction in mortgage credit availability. But that's not the case. In an updated analysis, Urban Institute housing and mortgage experts say that the rule does little to impact the availability of mortgage credit.
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CFPB lays out 9-point plan to reshape financial industry

Cordray shares 9 goals CFPB hopes to achieve within 2 years
The five-year anniversary of the Consumer Financial Protection Bureau is coming up this summer. Yet the CFPB is far from being done. This week, CFPB Director Richard Cordray laid out a series of goals for how the CFPB wants the financial industry to operate within the next two years. Here they are.
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House votes to revamp Qualified Mortgage rules

Presidential veto is looming
The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape. But will the President play along?
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Democrats push new bill allowing community banks to exceed QM rule

Bill has broad support among Democratic committee members
The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections. Most notable among the bill’s provisions is a stipulation that would allow smaller banks to exceed the QM rules while still qualifying for QM Safe Harbor.
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How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight
During one of the last panels at the MBA Annual Convention, a group of lenders was cautiously optimistic about the future, noting that while progress has been made, more clarifications are needed for a significant increase in non-QM lending.
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On Q Financial launches non-QM lending program

Seeks to fill gap created by regulatory standards
According to the company, On Q Financial’s new program includes solutions for self-employed or recently retired borrowers, individuals with a short credit history or flawed credit from a past short sale or foreclosure.
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MountainView set to invest in “non-prime” mortgages

Seeks to capitalize on underserved market
“The company is responding to demand in the origination market that is not being met by lenders who have significantly tightened underwriting requirements and are adversely affecting consumers who can in fact demonstrate the ability to repay their home loans,” MountainView said in a release.
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