After months of investigating Trump critics over allegations of mortgage fraud, FHFA Director Bill Pulte increasingly finds himself the target of investigations into possible episodes of misconduct and the misuse of power.
The administration’s firing of FHFA’s acting inspector general comes on the heels of the departure of several GSE executives and news that most of the ethics and internal investigations team at Fannie have been laid off.
Rocket Mortgage claims it had no authority to correct the alleged discriminatory appraisal connected to a refinance application. The lender said it expects to be vindicated.
CFPB proposal on ECOA being reviewed by OMB; NTEU drops one lawsuit against CFPB; ABA asks federal agencies to make sure OCC upholds a national bank preemption standard.
Joe Gormley nominated for Ginnie president; UBS pays DOJ to end lingering non-agency MBS obligations from Credit Suisse; Chase marketing non-agency MBS with reperforming loans.
CFPB moves Section 1071 compliance dates forward; ICE launches APOR Index; CFPB to continue lawsuit against Student Loan Pro; DOJ seeks to end Lakeland Bank consent order early; California’s CRA bill moves forward; CFPB acting enforcement director resigns; Georgia approves changes to residential mortgage licensing law; RiskExec updates software to comply with the NY CRA.
The trade group said federal banking regulators have shifted from relying on evidence of intentional discrimination to bring redlining claims to using a “proportional distribution test.”
The FHFA director believes mortgage fraud is rampant at Fannie and Freddie. That includes allegations that New York Attorney General Letitia James, a nemesis of President Trump, fraudulently obtained GSE-backed loans. James denies the allegations.