MBA Presses CFPB to Review PACE Lending. Earlier this year, the Mortgage Bankers Association wrote to the CFPB to express its concerns about Property Assessed Clean Energy (PACE) lending programs, one of which has to do with a borrower’s ability to repay the financing.... CFPB Brings $28.5 Million Enforcement Action Against Navy Fed. Last week, the CFPB and Navy Federal Credit Union, the largest CU in the U.S., signed a consent order requiring the institution to pay roughly $23 million in redress to victims harmed by its allegedly improper debt collection actions, along with a civil money penalty of $5.5 million to the bureau.... CFPB Announces Senior Leadership Changes. The CFPB recently announced some senior leadership changes at the bureau, such as John Coleman, who will serve as deputy general counsel for litigation and oversight in the legal division....
The MMIF had $30.86 billion in capital resources at the end of fiscal 2015. HUD does not provide updated figures on the fund’s capital resources through the year…
Further, the decision opens up prior actions taken by the bureau to potential challenges to the validity of past guidance, consent orders, fines and rules.
Documents revealed to plaintiffs’ attorneys in a prominent GSE shareholder case is causing some to question what President Obama was told about Fannie Mae’s and Freddie Mac’s profitability when the Treasury sweep took place in 2012. Judge Margaret Sweeney released her 80-page opinion last week and it gave more insight into her decision. While only a short summary sentence of each of the 56 documents is available now, it does show communication between high-level officials at the Treasury Department, Federal Housing Finance Agency and the White House regarding the Treasury’s sweep of Fannie and Freddie profits.Investors Unite, a GSE shareholder group, noted that the government might have been trying to keep the documents hidden because...
The supervision of examiners in the Division of Federal Home Loan Bank Regulation has been lax when it comes to making sure deficiencies within the FHLBanks are corrected, according to a recent Federal Housing Finance Agency Office of the Inspector General report. The IG reviewed a sample of nine matters requiring attention (MRA) that the division issued from January 2014 through December 2015. When it comes to correcting serious supervisory matters, the IG said that the bank regulator has been inconsistent in following FHFA requirements. For two of the MRAs, examiners determined that the affected FHLBank made no progress in remediating the deficiencies and reissued MRAs with the same exact terms.
The Federal Housing Finance Agency has included more details regarding how it will monitor the examinations of Fannie Mae and Freddie Mac in its annual performance plan for fiscal year 2017, released last week. Over the past year, the FHFA’s Office of Inspector General has blasted the regulator for not completing targeted examinations on time and inadequate follow-up on what were deemed matters requiring attention (MRAs). The new plan noted that the GSEs will continue to address MRAs by submitting remediation plans to FHFA for review. Each non-objected remediation plan will include a timeframe for completion within the fiscal year the MRA was issued or beyond. FHFA added that Fannie and Freddie management are responsible for...
A judge ruled that the city of Chicago cannot impose a real estate transfer tax on buyers who purchased homes sold by the GSEs. Even though federal law does not allow local governments to collect taxes to property held by federal lenders, the GSE accused the city of circumventing the law by waiting for properties to be sold then sending the buyers a tax bill. This ruling stems from a federal court case last October in which Fannie Mae and the Federal Housing Finance Agency sued the city for trying to collect taxes from buyers who purchased foreclosed homes from the GSE.
Further empirical confirmation of a recovering mortgage market continued to accumulate at the CFPB during the third quarter, as related consumer complaints dropped 19.8 percent ...
The Structured Finance Industry Group is preparing to publish standards that aim to increase transparency for representations and warranties on new non-agency MBS, according to officials at the trade group. Eric Kaplan, a managing partner at Ranieri Strategies, said SFIG will release one or two “green papers” this year as part of the group’s RMBS 3.0 effort to revive issuance of non-agency MBS. Kaplan detailed the plans along with Daniel Goodwin, director of mortgage policy at SFIG, at the recent ABS East conference produced by Information Management Network. SFIG has released...
RSS