HUD is investigating reports that a loan officer of an approved FHA lender had participated in a reverse mortgage borrower’s counseling session, a practice HUD frowns upon.
A large and potentially lucrative RFP issued several months ago by FHFA regarding its strategic plan for taking the GSEs to the next stage in their evolution has yet to be awarded.
The recent court ruling which called into question the legitimacy of certain recess appointments – including that of CFPB director Richard Cordray – also means the agency may not have any regulatory oversight over nonbanks.
An Obama administration official stressed that the White House is working to craft a comprehensive plan for housing finance reform but wants input from industry participants.tasked with crafting a plan to reform the government-sponsored enterprises provided a strong response yesterday to criticism of the White House’s lack of progress on GSE reform.
At least one top-five ranked residential servicer is planning to offer for sale a decent-sized package of mostly nonperforming servicing rights over the next month.
A number of mortgage industry experts share the view that a dark cloud has been cast over President Obama’s recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau, after an appeals court ruled late last week that other recess appointments the president made at the same time were unconstitutional. “The significance of this decision cannot be overstated as it raises a host of questions about the potential impact of a judicial ruling that Mr. Cordray’s recess appointment was similarly invalid,” said Barbara Mishkin, of counsel with the law firm of Ballard Spahr. Edward Mills, a financial policy analyst at FBR Capital Markets, said...
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