Housing

Housing affects too many Americans to simply cast out government involvement, especially where the government-sponsored entities and Ginnie Mae are concerned.

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Bolstered by higher originations, Freddie Mac reported Tuesday that net income was $524 million for the first quarter, up from $227 million a quarter earlier.

With low rates tempting more home owners to refinance and relaxed down payment requirements spurring more home sales, bankers are more optimistic about mortgage lending than they have been in some time.

As banks have largely ceded the market for government-backed loans to nonbank lenders and servicers, it's fallen on Ginnie Mae to be sure that these nonbanks can meet their obligations to bondholders. It's a huge concern for President Ted Tozer, who says the company does not have the resources or manpower to examine these firms' finances.

Still reeling from underwriting guidelines that went into effect last year, some small lenders are worried that a new mortgage disclosure regime might be the thing that pushes them over the edge.

Two House Financial Services subcommittee chairmen are urging the Consumer Financial Protection Bureau to delay enforcement of a new disclosure regime due to take effect this summer until Jan. 1.

Independent lenders rebut suggestions that they pose a greater risk to FHA (and hence taxpayers) than the large banks.

The Topeka FHLB's plan to allow participations in newly issued mortgage pools may benefit members institutions and the bank itself – and could soon be imitated by other Home Loan Banks.

The shift in market composition is fueling concerns that if defaults rise, the Federal Housing Administration would have a harder time making lenders eat the losses on poorly underwritten loans.

Wells Fargo's quality-control procedures will play a key role in a closely watched mortgage-fraud case that could go to trial this summer. Federal prosecutors are using the bank's internal reports to allege its executives knew about deficient loans.

A new book by the American Enterprise Institute's Peter Wallison reveals how a government push to lower credit standards brought about the housing crisis — and why a new effort to expand homeownership could inadvertently set the stage for a fresh disaster.

Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

Ed DeMarco, the former chief regulator of Fannie Mae and Freddie Mac, warned that efforts under the Obama administration to expand access to credit could risk repeating mistakes that led up to the crisis.

Policymakers should stop assuming that homeownership is always better than renting and recognize the economic circumstances that young people will live with for the foreseeable future.

Fannie Mae selected a chief internal auditor with an "inherent conflict of interest" and the mortgage giant's process for filling the position was faulty, according to a watchdog report to be released Wednesday.

Michael Stegman, a top housing policy adviser, urged regulators on Thursday to bring more private capital into the market, even in the absence of legislative momentum.

The Federal Housing Finance Agency won't keep renewing initiatives like the Home Affordable Refinance Program in perpetuity, even if it is extended again before it expires in December, Director Mel Watt said Wednesday.

KeyCorp has named Mark Danahy president of its mortgage operations. Danahy had been managing director of Citigroup's U.S. mortgage operation from July 2011 to May 2014 and, before that, was president and chief executive of PHH Mortgage.

An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.