A huge chunk of the fall-off in Fannie/Freddie MBS holdings occurred at Wells Fargo, which reduced its investment in these securities by $7.31 billion.
The CFPB under Acting Director Mick Mulvaney has initiated a number of civil investigative demands relating to mortgage servicing. Some new CIDs described the purpose of investigations more precisely than prior ones.
Some enforcement actions against mortgage companies are expected in the future, which could further indicate CFPB’s enforcement strategy for the mortgage industry.
Initiating non-judicial foreclosure is not a debt collection activity under the Fair Debt Collection Practices Act, the CFPB argued in a recent court filing in the U.S. Supreme Court. The court decision could have significant impact on the mortgage industry.