Data initiatives meant to streamline technological innovations and provide better information are actually giving mortgage lenders a hard time. A new report by Fannie Mae showed that 74 percent of lenders agree that attempts to standardize data are needed, but many run into challenges in implementation.
CFPB Senior Advisor John Czwartacki said: “The bureau’s statutory mandate includes the supervision and enforcement of fair lending laws and regulations … the bureau will continue to perform those functions.”
Bill Maloni, a retired Fannie executive who’s been tracking the reform debate for years, believes the Corker bill, if enacted as is, eventually will place the secondary market in the hands of the megabanks.
Calabria is a former director of financial regulation studies at the Cato Institute, a conservative think tank that would like to do away Fannie and Freddie…
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