As one veteran industry lobbyist explained with a hint of ire: “You’re telling me that a bunch of lame duck Congressmen who lost an election are going to show up on the Friday before Christmas?”
She brought a certain depth of knowledge to the table for her boss, Ben Carson, a career brain surgeon with little in the way of housing and mortgage experience.
With Mel Watt’s term as FHFA director ending in early January, a new director appointed by President Trump is widely expected to take actions to reduce the GSEs’ footprint…
Loans with DTI ratios exceeding 50 percent accounted for 29.60 percent of FHA business in Ginnie MBS during the first two months of the fourth quarter…
An increase in asset-based underwriting by banks prompted warnings from the Office of the Comptroller of the Currency last week. The OCC said its examiners have seen greater use of asset dissipation underwriting, a practice used to qualify borrowers using a hypothetical income stream from their asset liquidation rather than debt-to-income ratios. Banks are increasingly using asset dissipation or asset depletion as a response to “intense competition” from nonbanks, among other ...
The Consumer Financial Protection Bureau proposed new policies this week regarding no-action letters and the establishment of a “product sandbox.” The proposal aims to help financial services companies develop innovative products. Lauren Saunders, associate director of the National Consumer Law Center, was highly critical of the proposal, claiming that it could “wipe out consumer protection laws for entire industries.” She said the proposal is certain to ... [Includes four briefs]
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