Mortgage industry stakeholders reacted differently to California Gov. Gavin Newsom’s plan to create a state-level CFPB aiming to fill the vacuum left by a rollback at the federal level.
A mortgage lender accused of predatory practices has agreed to pay more than $3.75 million in restitution. Separately, a broker settled consumer privacy violations and three individuals face penalties for copyright infringement.
FHFA Director Mark Calabria walked back the idea of using a consent decree as part of the agency’s plan to recap and release Fannie and Freddie from conservatorship.
New Jersey clarified that investors in mortgage servicing rights must obtain a “servicer” license in the state even if they do not handle the monthly processing chores.
Some trade groups urged the Supreme Court to pursue a narrow remedy if the CFPB’s structure is found unconstitutional, in order to prevent market disruption.
Freddie Mac, following in the footsteps of Fannie Mae, is offering buyouts to a portion of its workforce. A byproduct of the recap-and-release plan? It certainly looks that way.
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