President Donald Trump said Thursday that he will nominate Stephen Miran, chairman of the White House Council of Economic Advisers, to fill a recent vacancy on the Federal Reserve Board.Bloomberg News WASHINGTON — President Donald Trump said he will nominate Stephen Miran, currently the chair of the Council of Economic Advisers, to the Federal Reserve […]
Trump says he will nominate Stephen Miran to Fed Read More »
Bloomberg News A new round of tariffs imposed Thursday has raised alarm among economists, lawmakers and financial analysts not just for their impact on trade flows and prices, but for the ripple effects on the financial sector. Broad tariffs on more than 90 countries went into effect Thursday, following the president’s previously announced deadline for
As tariffs take hold, banks still grappling with uncertainty Read More »
Chris Kleponis/Bloomberg WASHINGTON — President Donald Trump signed an executive order meant to combat so-called debanking in the financial system. The order tells bank regulators to ensure that banks aren’t cutting off consumer access to accounts for political reasons. It also tells the regulators to remove reputational risk from their supervision handbooks, a step that
Trump signs debanking executive order Read More »
The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single
MBA urges GSEs to end costly tri-merge credit reports Read More »
The Department of Housing and Urban Development is auctioning off hundreds of millions of dollars in reverse mortgages on Wednesday in a bid to reduce risk to its insurance fund. Close to 1,600 home equity conversion mortgages (HECMs) secured by vacant properties are for sale, a notice published by the department on the Federal Register
HUD plans to sell close to 4,000 HECM loans Read More »
Fannie Mae and Freddie Mac’s regulator announced additional leeway for them to invest more heavily in low-income housing tax credits in line with the passage of recent legislation. Each can now invest up to $2 billion for a total of $4 billion per year, twice the previous limit, according to a press release from U.S.
Fannie Mae and Freddie Mac’s regulator raising LIHTC limits Read More »
WASHINGTON — The Trump administration upped its rhetoric on debanking again on Tuesday, this time targeting banks themselves rather than their regulators. President Donald Trump once again took aim at two of the country’s largest banks, JPMorgan Chase and Bank of America, and their chief executives, for what he framed without evidence as discrimination against
Trump changes tone on debanking, lays more blame on banks Read More »
Bloomberg News By firing one of the country’s top economic research officials, President Donald Trump might have instilled less confidence in the legitimacy of government-produced data rather than more. On Friday, Trump terminated Bureau of Labor Statistics Commissioner Erika McEntarfer, claiming that she “rigged” the data in last week’s employment situation report to hurt the
Trump’s BLS firing impacts perceptions more than numbers Read More »
Bloomberg News (Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated. It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier
Mortgage lenders stick with Biden-era reappraisal guidance Read More »
Bloomberg News The Consumer Financial Protection Bureau is ramping up its attacks on the Government Accountability Office, claiming the independent congressional watchdog was “politicized” for questioning acting Director Russell Vought’s decision to reject funding for the CFPB this year. Mark Paoletta, the CFPB’s chief legal officer, sent a letter Thursday criticizing GAO for questioning Vought’s
CFPB calls GAO funding probe ‘political’ and ‘weaponized’ Read More »