The Federal Housing Finance Agency withdrew a proposed rule it was forced to issue regarding Property Assessed Clean Energy programs after prevailing in court.
The CFPB filed a civil suit last week against Castle & Cooke Mortgage and two top executives, accusing the Utah-based nonbank of illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. Overall, the firm paid 500 quarterly bonuses – roughly $4 million in compensation – to its retail loan officers, based on a compensation structure that rewarded them for bringing in mortgages at higher note rates, the government charges.In its suit, filed in U.S. District Court for the Central District...
Two targets of the CFPB’s recent crackdown on the debt relief industry sued the bureau in federal district court in Washington, DC, last week, challenging the constitutionality of the agency, as well as accusing it of “data mining” and attempting to obtain sensitive bankruptcy information protected by attorney-client privilege. At the heart of the dispute is a civil investigative demand the CFPB issued in March 2012 to Morgan Drexen Integrated Systems, whose personnel served as paralegals and other support staff for Connecticut...
Complaints consumers had about their mortgages dropped across the board – loan application and origination, servicing, and modification – during the second quarter of the year, according to a new analysis and ranking by Inside the CFPB. Our review of the second-quarter data based on complaints filed with the CFPB showed that gripes about loan modifications dropped the most during the period, down 10.3 percent. Servicing-related grievances fell 6.5 percent from the first quarter, while complaints about the loan application and origination process...
Now that President Barack Obama’s nomination of Richard Cordray for a full term as director of the CFPB has gained the grudging consent of the U.S. Senate, perhaps the key issue for the financial services industry is whether the bureau will behave any differently. “The debate about the bureau is going to continue, there’s no question about it,” said one industry attorney formerly on Capitol Hill. “Clearly, on the Republican side, you can see there are serious concerns. They took the unprecedented step of refusing to initially...
The House Financial Services Committee recently voted 30‐27 to approve H.R. 2767, the Protecting American Taxpayers and Homeowners (PATH) Act, the housing reform bill introduced by Rep. Jeb Hensarling, R‐TX, the committee chairman. Among the bill’s Title IV provisions are a handful of “regulatory relief” overrides to various CFPB mortgage-related rulemakings. For example, Section 403 includes changes to the points-and-fees definitions for the “qualified mortgage”/ability-to-repay rule that also were included in H.R 1077...
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