The mortgage industry wants the Consumer Financial Protection Bureau to clarify whether mortgages subject to repurchase demands will lose their qualified mortgage status under the bureaus new ability-to-repay rule.
The GSEs continued to wrangle with seller/servicers over repurchase requests during the fourth quarter of 2012, but mostly over loans originated five years earlier.
Critics of the CFPB and industry opponents of its new ability-to-repay/qualified mortgage rulemaking quickly got excited when the Court of Appeals for the District of Columbia ruled recently in Noel Canning v. National Labor Relations Board that President Obamas recess appointments of three officials to the NLRB were unconstitutional. Their hope was that the presidents appointment of Richard Cordray as director of the CFPB might similarly be invalidated. And perhaps more to the point, they hoped the...