Items Tagged with 'Mel Watt'

ARTICLES

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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Fannie Mae announces sweeping program for mortgage lender "freedom" from penalties

Using Fannie Mae tools for underwriting, appraisals shields lenders from buybacks
Fannie Mae announced that lenders using its Desktop Underwriter and Collateral Underwriter tools will be shielded from buyback risk from the GSE under certain conditions. Fannie Mae's "Day 1 Certainty" program helps lenders address risk up front in underwriting and property appraisal and inspection so that they can lend with confidence, Timothy Mayopoulos, president and CEO of Fannie Mae, said at the Mortgage Bankers Association conference. 
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FHFA pivots to affordable housing, single-family rentals

Renewed focus on those left behind in recovery
At the Mortgage Banking Association's annual conference, FHFA Director Mel Watt recounted a number of items the agency accomplished in the wake of the financial crisis before signaling the agency's focus for the next year: expanding affordable housing, including single-family rentals.
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FHFA makes it official: Principal reduction is coming

Plan is 'final crisis-era' modification program
A day that many in the housing industry thought would never come is finally and actually here, as the FHFA is making it official – widespread principal reduction is coming. In what it is calling a "final crisis-era modification program," the FHFA announced Thursday that it will be launching a principal reduction program for some borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac.
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New York Attorney General pushes FHFA for principal reduction

Schneiderman wants Fannie, Freddie to cut mortgage balances
New York Attorney General Eric Schneiderman joins the chorus calling for Fannie Mae and Freddie Mac to reduce the mortgage balances of struggling borrowers. Schneiderman sent a letter to FHFA Director Mel Watt this week, stating that principal reduction "should be deployed broadly and quickly to homeowners in desperate need of this relief from the continuing damage caused by the housing crisis."
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The math behind the need for GSE reform

MBA CEO: This unfinished work 'looms over our nation'
The calls to allow the GSEs to rebuild capital amplify an important issue and are based on valid and reasoned concerns that we all share. Unfortunately allowing them to just recapitalize is simply not a mathematical possibility.
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