President Barack Obama’s 5th annual State of the Union Address contained over 6,500 words and only mentions housing twice, but the industry received enough of a mention for insiders to just run with it.
Housing is a strong catalyst for current economic growth, prompting mortgage experts to urge policymakers about the need for comprehensive housing finance reform this fall. But other fiscal headwinds and policy considerations could take precedence, delaying the housing fix once again.
The National Community Reinvestment Coalition released its own proposal for creating a future secondary mortgage market this week. Fearing a market without robust credit access, the nonprofit revealed a white paper on GSE reform.
A number of advocacy groups locked at the elbows this morning to call for widespread changes in the financial markets, in step with expected policy changes to financial regulation set to be unveiled by the Obama Administration on Wednesday. The new initiative is called Americans for Financial Reform, and includes members from all types of interest groups, from former Soros fund managers, to AARP legislative policy directors to firms such as the National People's Action.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More