CFPB Poised to Commence Five-Year Review of Its Major Mortgage Rules. The CFPB is getting ready to start, as per the Dodd-Frank Act, its five-year evaluation of some of the significant mortgage rulemakings it has promulgated thus far, according to a recent account by Politico, as cited by Pavitra Bacon, an associate in the Washington, DC, office of the Ballard Spahr law firm, in an online blog posting.... Will We See CHOICE Act 2.0 This Week? With less than a week left before the end of March, one well-placed industry lobbyist is still holding to the prediction that Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, will in fact introduce another incarnation of his Financial CHOICE act by the end of the month....
Observers of the subprime auto ABS market are raising concerns as delinquencies rise above peaks seen during the financial crisis as lenders have loosened underwriting standards in search of market share. According to Fitch Ratings’ index of subprime auto ABS, 60+ day delinquencies on loans backing the securities hit 5.45 percent at the end of 2016. Delinquencies were up from 4.70 percent at the end of 2015 and 41 basis points higher than the peak for the sector in 2009. The index tracks an outstanding balance of $38.6 billion from 149 transactions. There were 21 active shelves in the index, up from 12 active issuers in 2010. “Smaller lenders along with recent new entrants are...
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