Given this quickly changing environment, where the rules can change overnight and companies can be held accountable for errors made before the change, very few companies have any reason to feel secure.
Major lenders and regulators are working hard to find common ground when it comes to home loans to lower-income Americans. As talks continue, the percent of federal Housing Administration loans given to borrowers with weaker credit scores is dropping.
The Consumer Financial Protection Bureau opened a new job for an investigator at its headquarters. On top of making around $100,000 to $150,000, the individual would also get up to 49 days off per year.
Despite a lot of topics on the plate of the Financial Services Committee to debate, they could not seem to get away from the discussion of the Consumer Financial Protection Bureau. This being just one of the several topics discussed.
Gentleman bank robber Willie Sutton is famously (and incorrectly) remembered for saying he robbed banks “because that’s where the money is.” Turns out though, the real money is in being a bank regulator.
Before Mel Watt could even get his name plate on the door as head of the Federal Housing Finance Agency, top federal regulators are already urging him to end contributions to the National Housing Trust Fund and the Capital Magnet Fund.
The Office of the Comptroller of the Currency spends its days overseeing national banks and federal thrifts, but a new report is giving the regulator a little advice on how to improve its own operations.
Saddled with legacy systems and burdened with changing regulations, the mortgage industry has been slow to adopt digitization compared to many other industries. Now, however, the industry must provide more transparency to regulators and satisfy consumers while managing tighter margins. In this perfect storm, there’s only one lifeboat — a digital process.
Has the Great Recession launched a new era of renting versus buying that will eventually result in a nation where more people rent their homes than purchase them? Or is the increase in renters these days due to an “over-correction” in the market? According to the latest “State of the Nation’s Housing” report from Harvard’s Joint Center for Housing Studies, the U.S., in less than a decade, lost all its homeownership gains of the last 20 years.
Armed with an overall measure of housing market performance relative to long-term trend; an accompanying metric explaining whether that market is overheated or not; and importantly a way to attribute deviations in home prices precisely to selected market variables, market participants would be in a better position to take precautionary actions to limit their exposure in highly volatile markets.