In an appearance on CNBC this morning, House Financial Services Committee Chairman Barney Frank (D-Mass.) made an unusual claim about the mortgage giants Fannie Mae and Freddie Mac. The two mortgage lenders are essentially a “public policy instrument of the government,” Frank said.
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CFPB wants lenders to disclose reason for denial of credit
The CFPB reminded lenders they are required by law to disclose the reason a customer was denied credit, even if based on a complex algorithm.