The fight between Sen. Elizabeth Warren, D-MA, and the CFPB’s Acting Director Mick Mulvaney regarding the payday lending rule is escalating. In a two-paragraph response released last week, Mulvaney rejected the accusation that his decision to retreat from payday lending was connected to the campaign contributions that payday lenders gave. “I rejected your insinuation – repeated three times in as many pages – that my actions as acting director are based on considerations other than than a careful examination ...
Fannie Mae is keeping a close watch on any future changes to the CFPB’s ability-to-repay/qualified mortgage rule, saying whatever happens could have a “material effect on the quality and quantity of loans available for sale to us.” Roughly a year ago, the CFPB announced it would begin its statutorily-mandated assessment of the ATR and QM provisions. “The CFPB is required to assess the effectiveness of the regulations in light of its stated goals and to publish a report, after public comment, on whether ...
The CFPB issued its fifth request for information as a part of Acting Director Mick Mulvaney’s “call for evidence,” this one on external engagements. The bureau “seeks comments and information from interested parties to assist [it] in assessing its public and non-public external engagements,” it said. The CFPB asked for input on all aspects of conducting external engagements, including but not limited to field hearings, town halls, roundtables, and meetings of the Advisory Board and Councils to “maximize ...
In addition to the request for information the CFPB issued on its external engagement, the agency also asked for input on how it reports consumer complaint information.The agency is seeking comments from interested parties regarding “potential changes that can be implemented to the bureau’s public reporting practices of consumer complaint information, consistent with law, to consider whether any changes to the practices would be appropriate,” it said. Specifically, the CFPB is using this RFI to solicit feedback on ...
The CFPB is continuing its investigation into what went wrong at Equifax regarding the massive data breach the credit bureau suffered last year, according to a new 10-K filing with the Securities and Exchange Commission. Last fall, Equifax said hackers stole personal data it had collected on some 143 million U.S. consumers. In the new filing, the company updated that estimate to almost 146 million Americans. The CFPB, of course, is not the only government body looking into the hack ... [Includes two briefs]
GSE shareholders lost their latest battle against the government’s preferred stock purchase agreement as the U.S. Supreme Court declined to hear their case last week. After a lower court ruled against claims arguing the validity of the Treasury sweep of Fannie Mae and Freddie Mac profits, investors hoped to plead their case to the high court. Plaintiffs, including Fairholme Funds, Perry Capital and other shareholders, filed a writ of certiorari last year asking the Supreme Court to intervene in their cases. Both Perry and Fairholme have large holdings of the GSEs’ preferred shares. Back in 2014, a judge for the District of Columbia U.S. District Court dismissed claims brought against the government saying that the Housing and Economic Recovery Act of 2008 gives...
The Securities and Exchange Commission has broadened the scope of an exemption for registering as an investment company to include sponsors of multiple securities that hold whole mortgages.
Fannie Mae and Freddie Mac shareholders who are contesting the government’s net worth sweep may have few options left now that the Supreme Court of the United States has rejected their plea for appeal of lower court rulings that went against them.
A few years back, Pinto and AEI unveiled a new mortgage product called the Wealth Building Home Loan, which was intended to provide an affordable mortgage option for low- and middle-income borrowers.
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