Despite soaring home prices, other factors needed to inflate a housing bubble are absent from the real estate market. But experts warn falling home values and rising mortgage defaults are inevitable, even if conditions naturally cool off.
PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.
The seven largest national banks held less than 5% of loans that were delinquent at the end of the third quarter, the Office of the Comptroller of the Currency said Friday.
Cutting payments helps stave off default, but principal reduction on underwater loans and lower consumer debt levels are less effective, according to JPMorgan Chase Institute's new study of post-crisis modifications.
The Federal Housing Administration's recent actuarial report has added more fuel to the fire over concerns about reverse mortgages, including their effect on the overall FHA insurance fund and a rise in foreclosures.
The Federal Housing Administration was battered by losses this year from reverse mortgages, casting doubt on whether the agency will adopt an Obama-era proposal to reduce mortgage insurance premiums.
HUD Secretary Ben Carson said he's held off making any decision on premium cuts until the confirmation of key appointments. "It has been a real ordeal getting people in place," he said.
The Consumer Financial Protection Bureau may face an unsteady political environment, but a new report on CFPB supervisory priorities has experts warning banks not to rest on their laurels.
