Fifth Third Bank sets stage for nationwide expansion by applying for national bank charter

Fifth Third Bank currently operates in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina, but the Ohio-based bank apparently has plans to go nationwide.
Source: HousingWire Magazine

HUD earmarks $43 million for housing counseling agencies

The Department of Housing and Urban Development has set aside $43 million to fund grants for hundreds of housing counseling organizations. The grants will be used to help HUD-approved agencies counsel consumers on things like buying a first home, finding affordable rental housing, obtaining a reverse mortgage or avoiding foreclosure of eviction.
Source: HousingWire Magazine

Pennsylvania bank works to stem damage from CEO’s fraud arrest

While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.
Source: American Banker

Urban Institute to FHA: Fix your reverse mortgage servicing problems

Policymakers have long struggled with how to fix the FHA’s reverse mortgage program to prevent it from draining the agency’s mortgage insurance fund. But researchers are the Urban Institute have an idea: Fix the program’s servicing problems, which they call “one of the biggest drivers of losses in the HECM program.” Here’s what they suggest.
Source: HousingWire Magazine

Santa Cruz County Bank in California agrees to buy neighbor

The bank will have about $1 billion in assets after it acquires Lighthouse Bank, which is also based in Santa Cruz.
Source: American Banker

Uncle Sam takes possession of Manafort's 5 luxury homes after judge's final ruling

A federal judge in Washington, D.C., approved the final step Thursday in the seizure of five luxury homes owned by Paul Manafort, President Donald Trump’s former campaign chairman now serving time in a northern Pennsylvania prison. Uncle Sam is now the owner of a 10-bedroom mansion in the Hamptons, with a putting green, a tennis court, and a pool.
Source: HousingWire Magazine

Fed announces dates for release of 2019 stress test results

This is the first year that only the largest and most complex banks will be included after the Federal Reserve decided to let smaller firms wait until next year to resume testing.
Source: American Banker

BB&T-SunTrust moniker mystery, Dimon's Wells blast, big banks and APIs: Top stories of the week

Suspense builds on what the new name of merged BB&T-SunTrust will be; JPMorgan Chase CEO Jamie Dimon says Wells Fargo ‘irresponsible’ for lack of CEO plan; how APIs are being used at Citi, BBVA and other leading banks; and more from this week’s most-read stories.
Source: American Banker

HousingWire News Podcast: Playing to win in the mortgage industry

Each week, HousingWire interviews financial services experts who can help make sense of the latest headlines, sponsored by our partners at Blend. This week, Cobalt Credit Union’s Chief Lending Officer Alan Stoltenberg discusses the importance of putting power back into the hands of homebuyers.
Source: HousingWire Magazine

WSJ: Trump administration set to release plan on Fannie, Freddie privatization

The Treasury Department is preparing to release a plan detailing the privatization of Fannie Mae and Freddie Mac, inside sources told The Wall Street Journal Thursday. The plan is being finalized now and promotes a “recap and release” strategy that would put the GSEs on more solid footing and then release them from government control.
Source: HousingWire Magazine