MBA's Stevens once again slams those in favor of a GSE “recap and release” plan, saying this group consists “primarily [of] stock speculators who are most concerned about personal profits” rather than the future of the U.S. housing system.”
Sam Kazman, general counsel for the Competitive Enterprise Institute, says the hearing involves fundamental issues about the basic structure of our government…
The law professors believe the CHOICE Act would take the mortgage industry back to the recent past, which was characterized by risky lending and lax regulatory oversight.
Meanwhile, although GSE risk sharing seems popular in some circles, FHFA itself admitted recently that some of this coverage has come at premium cost to Fannie and Freddie.
Financial Freedom, an Austin, TX-based servicer, agreed to an $89 million settlement with the U.S. Department of Justice to settle allegations that it violated the False Claims Act, the Financial Institutions Reform, Recovery, and Enforcement Act, and FHA servicing requirements in connection with its participation in FHA’s Home Equity Conversion Mortgages, or “reverse mortgage,” program. The Justice Department alleged that Financial Freedom sought to obtain insurance payments for interest from FHA “despite failing to properly disclose on the insurance claim forms it filed with the agency that the mortgagee was not eligible for such interest payments because it had failed to meet various deadlines relating to appraisal of the property, submission of claims to the Department of Housing and Urban ...
In response to President Trump’s recent executive orders on regulatory reform, the Department of Housing and Urban Development announced it is looking for industry feedback on any of its existing regulations that might be outdated, ineffective or excessively burdensome. As required by Executive Order 13777, “Reducing Regulation and Controlling Regulatory Costs,” HUD said it is in the process of establishing a regulatory task force charged with identifying agency regulations that should be repealed, replaced or modified. As part of that review, the agency is inviting the public to weigh in on the adequacy and relevancy of its current regulatory framework. “HUD’s goal in conducting the review is to make the department’s regulations more effective and less burdensome in achieving HUD’s ...
The CFPB had numerous lapses in protecting sensitive, confidential enforcement information, according to a new report from the agency’s Office of Inspector General. The objective of the OIG’s evaluation was to determine whether the bureau’s Office of Enforcement has effective controls to manage and safeguard access to its confidential investigative information (CII). “We found that the Office of Enforcement’s sensitive information has not always been restricted to Office of Enforcement employees who needed access to that information to perform their assigned duties,” the OIG said. The watchdog said it found that 113 unique users had access to at least one electronic application when it was no longer relevant to the performance of their assigned duties. “These users continued to have ...
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