Republicans on Capitol Hill might be laying the groundwork for legislation that could scale back the application of the disparate impact theory of legal liability in mortgage lending. Currently, there is no active legislation to that effect pending in the U.S. House of Representatives or the Senate, and industry lobbyists said there is no such interest underfoot. But just the fact that the House Financial Services Subcommittee on Oversight and Investigations held a hearing this week on disparate impact in general had some Democrat supporters of the theory a bit anxious. “My hope is...
The CFPB has come up with a new three-page loan estimate form ("Ficus") that must be given to borrowers within three business days after they submit a loan application.
Analysts commenting on the settlement note that while JPM did not admit any violations of law, it acknowledged in a “statement of facts” section that employees did not comply with company underwriting guidelines and representations.
Speaking at a housing finance forum sponsored by the Urban Institute and CoreLogic, Gene Sperling, a White House economic advisor, said the Obama Administration believes the “risks are simply too great and that this would recreate the problems of the past.”
The decline in the use of proprietary loan mods also has outpaced a decline in foreclosure sales. Some 166,809 foreclosures were completed in the third quarter of 2013, down 2 percent from the first quarter of 2013.
The Consumer Financial Protection Bureau had previously indicated that the industry could expect the rule sometime in September, then October, and now, sometime before year’s end.
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