Biden taps Phyllis Fong as FHFA watchdog

The Biden administration on Friday named longtime regulator Phyllis Fong as the acting inspector general of the Federal Housing Finance Agency (FHFA) following the resignation of her predecessor, Laura Wertheimer, who was investigated for abusing her authority. Fong will be the senior official in the Office of Inspector General responsible for audits, investigation and other…

FHA, FHFA re-up eviction bans at Biden’s urging

A day before the federal eviction ban lapses, the Biden administration is using the levers it has through federal agencies to keep evictions on ice until September. The Federal Housing Finance Agency and the Federal Housing Administration today both announced they would each extend their eviction bans on borrowers of foreclosed properties. Other federal agencies…

5 steps to choosing a home that will appreciate

In 2020, the S&P CoreLogic Case-Shiller price index reported the highest annual housing growth since 2013. Due to low inventory, sellers are able to put their homes up at a higher rate. And with today’s low interest rates, buyers have been rushing to purchase what’s available. The problem is, rushing to buy property might force…

How servicers can tackle real estate tax challenges

The high loan volumes in the last 12 months have left some borrowers and servicers facing issues related to real estate taxes. HousingWire recently spoke with LERETA CEO John Walsh about why these tax lien problems exist, what role technology plays, and why tax services need business continuity plans. HousingWire: Complaints about tax issues are…

Risks of nonbank mortgage sellers and servicers revisited

An op-ed I wrote that appeared recently in HousingWire on the nature of nonbank mortgage company risks and Ginnie Mae’s proposal to impose risk-based capital and liquidity requirements on their issuers highlighted nonbank lighter safety and soundness regulation as a concern for generally higher risk profiles of these firms relative to depositories.  In light of…