Steve Antonakes, most recently the associate director for supervision, enforcement and fair lending at the CFPB, has been tapped to temporarily fill the shoes of departing Deputy Director Raj Date, who has since left the agency with no publicly announced plans for his future. Date’s departure was publicly confirmed in mid-November, and after three months, the bureau has yet to find a permanent replacement, suggesting to some observers that finding a comparable successor is proving to be a challenge. Alan Kaplinsky...
The Department of Housing and Urban Development released its long-awaited “disparate impact” final rule last week, formalizing for the first time the long-held interpretation of the Fair Housing Act by HUD, which has repeatedly asserted that housing policies and practices can be determined to be discriminatory not simply through their intent, but also by their effect. “As we’ve learned over the years, housing discrimination comes in many forms. Discrimination doesn’t have to be intentional in order to have a damaging...
Last month’s surprise ruling in Canning v. National Labor Relations Board, in which President Barack Obama’s recess appointments to the NLRB were declared to be unconstitutional – along with the president’s renomination of CFPB Director Richard Cordray – have resurrected Congressional Republicans’ desire to scale back the CFPB.The big questions now are whether the GOP will succeed in compelling the president to make a deal, and if so, just what such a deal might look like. Within a few days of the Canning ruling (see Inside...
GSE MBS issuance increased in January and the most likely explanation may be new, more seller-friendly repurchase policies at Fannie Mae and Freddie Mac.
Wells Fargo is contemplating selling some of its massive $1.906 trillion residential servicing portfolio while maintain a subservicing relationship with the end consumer.
HUD has released its long-awaited “disparate impact” final rule, sending notification to the industry that housing policies and practices can be determined to be discriminatory not simply through their intent, but also by their effect.
California and Texas took the honors for top FHA producers among states and other U.S. jurisdictions in 2012, with a combined $59.2 billion in new mortgage loans insured by the FHA. The combined output of the two states represented 25.5 percent of the $232.1 billion in new FHA originations reported by all 50 states, Puerto Rico, Guam, the U.S. Virgin Islands and the District of Columbia for the entire year. Total FHA production by state was up a modest 5.2 percent in the fourth quarter from the previous quarter and a hefty 21.9 percent from the prior year. California, which accounts for 25 percent of the U.S. housing market, reported ...
Genworth Financial Inc.’s U.S. mortgage insurance segment continued to be a burden to its parent despite reporting a narrower operating loss of $34 million in the fourth quarter of 2012, compared to losses of $38 million in the prior quarter and $96 million in the prior year. Nonetheless, the reduced amount of losses during the period was good news to company executives who reported net income of $166 million, or 34 cents a share, during the period from $142 million, or 29 cents, a year earlier. Operating profit was $167 million, or 34 cents a share, up from ...
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