Real Estate

Hensarling compares CFPB to a tyranny

House Financial Services Committee Chairman continues assault on CFPB
It’s probably safe to say that House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, is no fan of the Consumer Financial Protection Bureau. And as Hensarling told the Dallas Morning News in a recent interview, there are plenty of good reasons to change the CFPB.
Read More

California home sales start 2017 on a strong note

Median sales price drops below $500,000 for first time since March 2016
While winter usually means a decline in home sales, California just saw its first increase in home sales between December and January since 2012, a sign that the Golden State could be in for a strong housing year.
Read More

California regulator reveals what Ocwen did wrong

Auditor found "hundreds" of violations of law
Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
Read More

Goldman Sachs: Mortgage interest rates will rise to 5.5% by 2019

Current 30-year mortgage rate is approximately 4.15%
The most recent data from Freddie Mac shows that the average interest rate for a 30-year, fixed-rate mortgage is around 4.15%, but interest rates are going to increase by a significant margin over the next few years, analysts from Goldman Sachs said in a new report. Here are the details.
Read More

White House spokesperson: Trump believes CFPB is "unaccountable"

WSJ reports that President Trump disagrees with Court of Appeals ruling
Given the Trump administration’s recent maneuvering to fire Consumer Financial Protection Bureau Director Richard Cordray, it’s probably not a surprise that President Donald Trump disagrees with the U.S. Court of Appeals for the District of Columbia Circuit’s decision to rehear a challenge to the CFPB’s constitutionality.
Read More

CFPB seeks increased lending to "credit invisible" borrowers

Accepting input on alternative borrower-rating options
The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand access to credit for consumers who lack enough credit history to obtain a credit score, also known as the credit invisible. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray said the bureau is officially is seeking public feedback on the benefits and risks of tapping alternative data sources. Do you have any comments you want to submit?
Read More

Judge rules that CFPB can investigate seller-financed home sales

Harbour Portfolio Advisors claimed agency did not have authority
The Consumer Financial Protection Bureau earned a big victory in court Thursday when the Court of Appeals for the District of Columbia Circuit ruled in favor of the CFPB in its fight against PHH. And that wasn’t the only positive result the CFPB got in a federal court this week. A federal judge also ruled that the CFPB can pursue an investigation into seller-financed home sales and the operations of Harbour Portfolio Advisors.
Read More

New York unveils final cybersecurity regulations

New rules take effect on March 1
Last year, the state of New York announced a series of sweeping regulations that require banks, insurance companies, and other financial services companies to significantly increase their cybersecurity programs. The rules are set to take effect on March 1, 2017, and now, with less than two weeks until the rules take effect, New York is releasing the final version of the regulations.
Read More

Court of Appeals agrees to rehear CFPB case, agency to fight "unconstitutional" ruling

Full court will rehear PHH case
If President Donald Trump wants to fire Consumer Financial Protection Bureau Director Richard Cordray, he’s going to have to wait a little longer to do it, as the U.S. Court of Appeals for the District of Columbia Circuit ruled Thursday in favor of the CFPB. The ruling allows the embattled agency to defend the constitutionality of its leadership structure.
Read More