Nomura Securities wants the Supreme Court of the United States to hear its case after losing an appeal in October to overturn an $800 million penalty assessed by the Federal Housing Finance Agency. The firm argues that the high court should determine whether the Housing and Economic Recovery Act’s extension of the statute of limitations applies to statutes of repose.
The steamship that is the nonbank share of the mortgage servicing market showed no signs of changing course in the early months of 2018, a new Inside Mortgage Finance analysis reveals. [Includes two charts.]
The Consumer Federation of America agreed that the FICO score used by Fannie and Freddie is outdated and amounts to a monopoly on scoring. It supports the lender-choice option, but with constraints. The CFA recommended that lenders be required to pick a provider for a minimum period and said the models used by the two government-sponsored enterprises should align with one another.
Recent structural changes and new priorities at the Consumer Financial Protection Bureau will significantly reduce the bureau’s ability to police discriminatory lending, the Brookings Institute said.
The inspector general of the Federal Housing Finance Agency last week said the regulator of the two government-sponsored enterprises should set stricter guidelines for Fannie Mae and Freddie Mac, more like the approach taken by banking regulators.
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