The “implied guarantee subsidy” that underpins the FHLBank operations is the reason why financial institutions of all kinds are clamoring for membership, according to former Freddie CEO Don Layton.
In its first cybersecurity-related enforcement action, the New York regulator charged First American Financial with inadvertently disclosing more than 850 million personal title insurance documents.
According to Ted Tozer, former Ginnie Mae president, lenders experienced aggressive disparate-impact litigation during the previous administration, resulting in initial support for revising the disparate impact rule.
Bank of America wrote policies between 2010 and 2016 that denied mortgages and HELOCs to adults with disabilities who were under legal guardianships or conservatorships.
The Federal Housing Finance Agency said it lacks sufficient data to create statistical models to “reflect economic conditions for 2021” because of the market disruption caused by the coronavirus.
The action doesn’t come as a total surprise. Industry attorneys said the CFPB, even under a business-friendly GOP, has been itching to do so for several years.
Canadian mortgages are remarkably short — just one to four years. The monthly payments, though, are comparable to American mortgages because the loans are still amortized over 25 to 30 years.
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