The unprecedented concentration of Black women leadership in the housing finance industry is an opportunity to make changes that have been long overdue, according to Ginnie Mae President Alanna McCargo.
The proposed consent order with the Pennsylvania-based mortgage lender, if entered by the court, would be the CFPB’s first redlining resolution with a nonbank.
Though two prominent nonbank lenders shuttered recently as the refi business slows, there are currently few concerns about the potential for widespread failures of nonbanks.
The federal government should move forbearance to the front of the loss-mitigation waterfall, researchers at the Urban Institute proposed. A similar policy during the pandemic did more good than harm, they found.