Consumers could be setting themselves up for problems in the credit market if they are getting credit information about themselves that differs from what lenders are looking at, according to a new report released by the Consumer Financial Protection Bureau. In a report to Congress, the agency said it plans to study the variations between credit scores sold to lenders and those sold to consumers to shed light on potential harm to the consumer. “The most substantial harm would likely result if, after purchasing a score, a consumer has a different impression of his or her ...

Industry efforts to postpone a scheduled reduction in the high-cost loan limits for Fannie Mae, Freddie Mac and the FHA this fall may be gaining traction, but legislative insiders say the sound and fury surrounding the current debt limit talks have crowded out all other issues at the moment. Last week, the Mortgage Bankers Association joined the National Association of Realtors and the National Association of Home Builders in calling on Congress to act to extend the higher temporary loan limits for at least another year. The central argument of MBA and the other trade groups is that ...

The House Financial Services Committee this week passed legislation repealing a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act that increased the liability of credit rating agencies for ratings they provide on asset-backed securities offerings. H.R. 1539, the “Asset-Backed Market Stabilization Act of 2011,” would restore Rule 436(g) is-sued by the Securities and Exchange Commission, which exempted nationally recognized statistical rating organizations, or NRSROs, from expert liability when they provide ratings for ...

Regardless of whether the White House and Congress come to a debt ceiling deal before the fast approaching Aug. 2 deadline, agency MBS are in for a rough ride, experts say. Last week, Moody’s Investors Service and Standard & Poor’s lit a fire under the debt talks and sparked widespread consternation throughout the MBS arena when they announced that each may cut the U.S. credit rating two double-A within three months if there isn’t a “credible” agreement to address the U.S. debt burden. Consequently, Moody’s placed on review for possible downgrade ...

Two House lawmakers, one Republican and one Democrat, have introduced a bill that would postpone a planned reduction of the high-cost loan limits for Fannie Mae, Freddie Mac and the FHA due to take effect this fall.Late last week, Reps. John Campbell, R-CA, and Gary Ackerman, D-NY, filed H.R. 2508, the Conforming Loan Limits Extension Act, which would mandate a two-year extension to keep conforming loan limits at 2008 levels.

Following contentious debate at times with Democrats, House Republicans last week advanced another installment of six narrow bills that would further curtail GSE activities or increase oversight while in conservatorship.The mark-up by the House Financial Services Subcommittee on Capital Markets and GSEs brings the total number of GOP-backed bills to reform Fannie Mae and Freddie Mac awaiting the full committee’s consideration up to 14 so far.

A bill that would limit the payment of legal fees for Fannie Mae and Freddie Mac executives accused of fraud has been sent back to the drawing board for some additional tweaking.

A trio of House lawmakers from both parties rolled out legislation this week designed to prevent Fannie Mae, Freddie Mac and their regulator from blocking state and local clean energy initiatives that allow homeowners to install green upgrades.PACE, or property-assessed clean energy, programs enable local governments to finance renewable energy and energy efficiency projects such as solar panels, insulation and water conservation systems for their homes and commercial buildings. The financing is paid for by raising the individual homeowner’s tax.

The Consumer Financial Protection Bureau, a potential nemesis regarded warily by the mortgage finance industry, officially opened for business this week without a Senate-confirmed director, but not without new brouhaha over the position. President Obama nominated Richard Cordray, the CFPB’s chief of enforcement, to be the first official director of the new agency. Prior to joining the bureau in January, Cordray was the Ohio attorney general for two years. Before that, he served for two years as Ohio’s state treasurer. It came as no surprise that Obama did not ...

Nevada. Assembly Bill 77 was recently signed into law, revising a number of provisions governing mortgage lending and the conduct and supervision of related professionals (escrow agents and agencies, mortgage bankers, brokers and agents, etc.), and providers of certain covered services... North Carolina. House Bill 312 was approved, amending the methods for recording a satisfaction of a security instrument with the register of deeds. It also clarifies the requirements for electronically registering plats with the register of deeds, and amends restrictions on access to military discharge documents recorded with the register of deeds. The majority of the bill becomes effective Oct. 1, 2011...