As might be expected, Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, did his best to pummel the CFPB and its Director Richard Cordray during a hearing Wednesday.
Freddie Mac is set to implement a waiver aimed at reducing lender anxiety about potential buybacks related to appraisal issues, matching a similar policy already implemented by Fannie Mae. The initiatives by the two government-sponsored enterprises are aimed at one of the last major bugaboos in the representations and warranties lenders take on when they sell loans. Lender repurchases have declined dramatically over the past few years as Fannie and Freddie cleaned up buyback disputes related to loans originated before the housing market collapse. In 2016, lender repurchases and other indemnifications fell...
In an interview, Ocwen’s chief compliance officer said: "We are a fully-transformed company and very anxious to break away from some of the regulatory constraints..."
The media call with Barney Frank was sponsored by the Constitutional Accountability Center, which assisted scores of current and former Democrat members of Congress in filing an amicus brief in defense of the CFPB.
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