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.
At a congressional hearing, Democrats on a House subcommittee detailed instances where mortgage servicers provided initial relief for only 90 days compared to a 180-day mandate under the CARES Act.
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.
Non-agency mortgages aren’t covered under the CARES Act, leaving servicers of such loans to rely on a combination of standards set by the GSEs and individual MBS contracts.
The number of pandemic-induced foreclosures may not be as high as following the 2008 housing crisis due to the different nature and condition of the current economic downturn, according to industry experts.
Within the mortgage industry, brokers appear to be the majority of borrowers under the Paycheck Protection Program, with 601 companies submitting successful applications.
HUD Secretary Ben Carson told lawmakers he will cooperate with an inquiry into whether a new policy prevents DACA recipients from receiving federally backed mortgage loans.
Lawmakers questioned Federal Housing Finance Agency Director Mark Calabria on a wide range of issues, including extending the timeline, and expanding the scope, of the eviction moratorium.
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