The cryptocurrency Bitcoin recently surged above $19,500 a unit for a short time, briefly surpassing the “tulip mania” of the Netherlands in the 17th century to become the biggest recorded asset bubble in the history of Western civilization. That caused a number of participants in that space to slip into “irrational exuberance” mode, going to such extremes as not only buying Bitcoin with their credit cards but also taking out mortgages to snap up as much of the cryptocurrency as they possibly could ...
“While this flexible approach is generally beneficial for lenders and consumers, it does produce some uncertainty over what will be considered ‘good faith’ or ‘material,’” according to attorneys at the law firm of Buckley Sandler.
Marc Savitt, who runs The Mortgage Center, Martinsburg, WV, called the technology snafu a “big deal,” adding: “It’s taking weeks to receive we got in days.”
The FHFA said it’s working with Fannie and Freddie to “develop processes to identify and align those enterprise programs, policies, and practices that could materially affect prepayments.”
Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…
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