The PATH Act awaits a vote on the House floor. But Hensarlings measure is widely viewed as a non-starter in comparison to the Senates bipartisan Corker-Warner bill.
According to a new letter obtained by Inside Mortgage Finance, HUD says it is uncertain whether any new loan created under the controversial eminent domain plan would qualify for FHA insurance.
The guidance, effective October 15, applies to manually underwritten FHA loans and requires lenders to document reasons for approving a mortgage when the borrower has collection accounts or judgments.
House Financial Services Chairman Jeb Hensarling, R-TX, and House Oversight and Government Reform Committee Chairman Darrell Issa, R-CA, sent a letter to CFPB Director Richard Cordray recently, expressing concerns that senior employees have left the bureau in order to profit from the very rules they helped create. Simply put, it appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence while working in senior leadership positions...