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Opinion, commentary, and analysis on everything that makes the U.S. housing economy tick -- not to mention the ghosts in the machine, too. Written by HW's team of editors and reporters each business day.

Why we should quit wasting money on consumer education

Here are 3 better ideas for the $128 million in the CFPB's civil penalty fund
In the first part of September, the CFPB collected $100 million from Wells Fargo after it was revealed that the bank’s employees had opened 2 million fake accounts that customers didn’t know about. By law, the CFPB has only two ways to spend that money: compensating victims harmed by financial institutions and educating consumers. If you have hundreds of millions of dollars that can only be spent on consumer education, it’s easy to imagine how that goal could take on a life of its own, spawning a bloated consumer education complex overnight. Here are some better ideas.
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Speakers at MBA Annual focus on 3 changes coming to housing

Get on the bus or get left behind
The Mortgage Bankers Association opened conference activities with a talk to the industry, explaining some of the changes taking place. So who is renewing their call for a housing policy director at the White House, in order to represent the needs of the housing industry in Washington? Click here to find out.
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Monday Morning Cup of Coffee: Everything you need to know at MBA Annual

HousingWire covers all the bases
Monday Morning Cup of Coffee this week gives a preview of our industry's biggest conference: the Mortgage Banker's Association annual gathering starting now in Boston. We'll still report regular news as we get it and give you everything you need to stay up-to-date for the next few days. 
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Game changer: California investigating Wells Fargo for identity theft

Could lead to charges against former employees who opened fake accounts
A group of senators is already asking the Department of Justice to use a new policy to target individuals at Wells Fargo for corporate misconduct (and maybe even more) in the wake of the fake account scandal surrounding the bank. But the state of California is making a move that could lead to a whole new world of hurt for Wells Fargo, its current and former executives, and the 5,000 former employees who opened the fake accounts.
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When it comes to Millennial homebuyers, time really is money

And words are your bond
To some degree, the Millennial homebuyer market, especially the first-time homebuyer, must seem like the Holy Grail or a unicorn herd to mortgage lenders. It’s a large segment with an estimated purchasing power of about $200 billion. So what does this mean for those seeking to sell mortgage loans to Millennials?
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Former HUD Secretary: Affordable housing is too unsafe for the elderly

Exclusive interview series with affordable housing expert, part 2
In part 1 of our four-part interview series, Rick Lazio discussed the need for the candidates for president to begin discussing housing policy. Now, in part 2, former HUD Secretary Henry Cisneros argues that America is simply not doing enough to increase safe access to affordable housing. Here are his solutions.
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Monday Morning Cup of Coffee: What's the real impact of landmark CFPB-PHH ruling?

And will housing come up at the last presidential debate?
The mortgage business is still reeling in the wake of the landmark ruling from the United States Court of Appeals for the District of Columbia Circuit, which last week declared the Consumer Financial Protection Bureau's leadership structure unconstitutional and vacated a $103 million fine against PHH. So what's the real impact of the decision? Plus, will they actually discuss housing during the final presidential debate this week?
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How about some good news? Movement Mortgage helps found new charter school

Former NFL player turned lender invests in Charlotte youth
There’s an old saying in this business: If it bleeds, it leads. And sadly, in many cases, that’s true. Far too often, good things are happening quietly while bad things happen loudly. Well, one of those good things is happening in the mortgage business right now and it deserves just as much attention as some of the other messy stuff we report about all the time. Here's the story of Movement Mortgage and the Movement School.
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