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.
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.
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...
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...
The CFPB’s legal position on a borrower’s right of rescission under the Truth In Lending Act again swayed the day for a consumer. This time, it was the Third Circuit Court of Appeals, in Sherzer v. Homestar Mortgage Services, that agreed with the bureau’s legal argument that a lawsuit filed more than three years after a mortgage has been closed can be brought, so long as the borrower sent the lender a written notice of rescission within the three-year period.In this instance, borrowers Daniel and Geraldine Sherzer obtained...
The federal prudential banking regulators should work closely with the CFPB in areas where their responsibilities overlap, such as credit card supervision and fair lending laws, Comptroller of the Currency Thomas Curry told attendees at the recent Federal Financial Institutions Examination Council’s Consumer Compliance Specialists Conference in Washington, DC. “In the area of overlapping supervisory responsibilities, one example that springs to mind involves credit cards,” Curry said. In the new world being fashioned by the...
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