ABA stands to be an “influencer” in the debate not just because of the size of its bank membership base, but because depositories rank a close second to the Federal Reserve among the largest investors in agency securities.
We also caught wind of a large servicing auction that took place last week. The broker on the transaction had not returned a media inquiry on the deal...
The full House of Representatives is scheduled to vote sometime this week – perhaps as early as Tuesday evening – on H.R. 10, the Financial CHOICE Act of 2017, Inside the CFPB has learned. The exact day the vote will occur had not been set as of press time, but it will likely take place after the House Rules Committee formally provides a structured amendment process for the legislation. That is slated to take place sometime in the evening on Tuesday, June 6. H.R. 10, introduced earlier this year by House Financial Services Committee Chairman Jeb Hensarling, R-TX, was passed out of committee early last month. Prospects in the Senate are slim, however, because the Republicans just do not have the votes ...
CFPB Web Site Still Insecure, OIG Finds. Despite the work the CFPB has done to secure its consumerfinance.gov website, it hasn’t been enough, according to a report released last week by the bureau’s Office of Inspector General, which found that several control deficiencies need to be mitigated to protect the website from compromise.... Mortgage Complaints Among the Top for Older Consumers. Debt collection, home equity conversion mortgages (or reverse mortgages) and credit reporting were the top three most-complained-about consumer financial products and services among seniors, collectively representing about 60 percent of older consumer complaints submitted in March 2017, the CFPB said in its latest monthly consumer complaint report....
Capital Alpha projects that the “emerging reform thrust” might emulate ideas promulgated by the Mortgage Bankers Association, which is adamantly opposed to recap and release.
Some $247.0 billion of subprime mortgages were outstanding at the end of the first quarter of 2017, according to estimates by Inside Nonconforming Markets.
VantageScore is gaining traction as an alternative to FICO credit scores in consumer lending and structured finance, according to a study by DBRS. Introduced in 2006 as a joint venture among three national credit bureaus – TransUnion, Experian and Equifax – VantageScore was first used in securitization transactions backed by student-loan refinancings. Its transition to consumer loans and structured finance demonstrates industry acceptance as an alternative to the widely used FICO scores, DBRS pointed out. The study compares...
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