Jeb Bush: Current housing and debt situation unsustainable

Jeb Bush: Current housing and debt situation unsustainable

Is the clock ticking on the 30-year mortgage?

Senate banking committee passes massive regulatory relief bill

Big implications in legislation for housing and mortgage finance

Existing home sales crater in April, falling 3.3%

Spring buying stalls out after strong March performance
W S

Items Tagged with 'Consumer Financial Protection Bureau'

ARTICLES

MBA’s Stevens: Today’s housing policies fail American homeowners

MBA president and CEO lays out how to fix broken system
Ben Lane
Addressing the packed Broadway Ballroom at the Marriott Marquis in New York City, David Stevens, the president and CEO of the Mortgage Bankers Association, spoke with passion as he told the attendees of the MBA’s National Secondary Market Conference that today’s housing policies are “failing the American homeowner.”
Read More

Nationwide Biweekly claims CFPB suit contains multiple errors

“We are puzzled by the CFPB’s allegations”
Ben Lane
Nationwide Biweekly Administration, which stands accused by the Consumer Financial Protection Bureau of misrepresenting the savings that customers will achieve by using the company’s biweekly mortgage payment program, has responded to the CFPB’s charges, saying the regulator's lawsuit is full of errors.
Read More

CFPB Director Cordray corrects “serious misunderstanding” about TRID

Plus, 3 circumstances that would allow for closing delays
Brena Swanson
The Aug. 1, 2015 implementation date for the TILA-RESPA Integrated Disclosure still stands, as of now. In a speech Tuesday, the director of the CFPB cleared some of the air on TRID misunderstandings, but looking at the fine print, talk of delaying TRID is not off the table. Still, some in Congress disagree, and are trying to do something about it.
Read More

CFPB sues Nationwide Biweekly for deceptive mortgage practices

Accused of misrepresenting savings potential
Ben Lane
Nationwide Biweekly processes mortgage payments from homeowners to servicers. Now, the CFPB alleges most consumers who enroll in its "Interest Minimizer" program send halved mortgage payments every two weeks, instead of twice per month. That equals two extra, unnecessary mortgage payments a year. And, looking at the CFPB charges, it only gets worse.
Read More
From HW Magazine

Is the threat of subprime bond lawsuits fading?

Investors may finally get paid
Amy Macintosh
A new target for investors looking to recover RMBS will be the trustees. In addition to the on-going global settlement cases, new lawsuits were issued last year between investors and trustees. This new type of litigation was initiated for investors to recover their losses on RMBS by accusing trustees of negligence and breach of contract.
Read More

Survey: TILA-RESPA impact riles most mortgage bankers

Lenders One survey finds compliance with new rules a major concern
Ben Lane
The majority of mortgage bankers are focused on the looming TILA-RESPA rule changes and worry about its impact on their business operations, according to a new survey from Lenders One. What else are they worried about?
Read More

Former CFPB senior counsel Richard Andrew Arculin joins Venable LLP

Added to firm’s CFPB task force
Ben Lane
Venable LLP announced the addition of Richard Andrew Arculin as counsel in its Washington, D.C. office. Arculin joins from the the Consumer Financial Protection Bureau, where he recently led a CFPB-wide effort to support implementation of the TILA-RESPA Integrated Disclosures rule.
Read More

What’s the impact of Green Tree’s $63 million fine?

Moody’s weighs in on company’s future
Ben Lane
Unsurprisingly, Green Tree Servicing could be facing several negative outcomes, including a potential downgrade to its servicer ratings, in the wake of its $63 million fine from the Consumer Financial Protection Bureau and the Federal Trade Commission. A new report by Moody's details what could be in Green Tree's future.
Read More

CFPB and FTC fine Green Tree $63 million for “mistreating borrowers”

CFPB: Green Tree harassed and threatened overdue homeowners
Ben Lane
The Consumer Financial Protection Bureau and the Federal Trade Commission are taking action against Green Tree Servicing for “mistreating borrowers” who were attempting to save their homes from foreclosure. According to the CFPB and the FTC, Green Tree failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed decisions on short sales, and harassed and threatened overdue borrowers. Here is Green Tree's response.
Read More

Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults
Ben Lane
A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”
Read More