Articles by Ben Lane

CFPB moves to further ease enforcement on financial services industry

Releases new rules on “no-action letters” and proposes “product sandbox”
In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees. Additionally, the CFPB proposal would create a “Product Sandbox,” which would allow and encourage companies to create and test new products and services under safe harbor provisions from the bureau itself.
Read More

What would Mark Calabria as FHFA director mean for the future of Fannie and Freddie?

Analysts weigh Calabria’s potential impact
The Trump administration has officially nominated Mark Calabria to be the next director of the FHFA when Mel Watt’s term is up early next year. But what would Calabria bring to the FHFA and what might that mean for the future of Fannie Mae and Freddie Mac? Here's a look at what's next, from those in the know.
Read More

SEC joins DOJ in giving up case against mortgage bond trader Jesse Litvak

SEC abandons pursuit of former Jefferies managing director
Over the summer, the Department of Justice gave up its five-year pursuit of former Jefferies managing director and mortgage-backed securities trader Jesse Litvak, ending the DOJ’s effort to jail the trader for allegedly lying to customers about mortgage bond trades. And now, the Securities and Exchange Commission has done the same thing.
Read More

TCI, Southern Properties Capital, Macquarie partnering to build significant multifamily portfolio

Joint venture already has 10,000 units, with plans for much more
Southern Properties Capital, a subsidiary of real estate investment company Transcontinental Realty Investors that operates primarily in Texas and specializes in Class A multifamily, is forming a joint venture with a subsidiary of Macquarie Group, the global finance giant. According to the companies, the joint venture will focus on creating a “business platform that will allow dramatic expansion in the multifamily arena.”
Read More

Minneapolis is about to abolish single-family residential zoning

Minneapolis 2040 would allow multifamily housing in single-family neighborhoods
In a move that strikes a blow against decades of racial inequality and could prove to a boon to multifamily developers, the city of Minneapolis is on the verge of ending single-family residential zoning. Under the plan, duplexes and triplexes would be allowed in neighborhoods that only previously allowed single-family housing.
Read More

Wells Fargo to pay $17 million to Illinois pension funds over crisis-era mortgage bonds

Brings state’s total recovery to more than $500 million
Wells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced this week.
Read More

It's official: Senate approves Kathy Kraninger to serve as next CFPB director

Trump's nominee set to take over for Mick Mulvaney
Long the target of Republican ire, the Consumer Financial Protection Bureau will soon be run by the Republican president's handpicked choice. In what amounted to an anticlimactic vote in a nearly empty Senate chamber, the Senate, voting along party lines, voted Thursday to approve Kathy Kraninger as the next director of the CFPB.
Read More