Underwater homeowners who have remained current on their payments will be able to relinquish their houses and cancel their debt under the terms of a new GSE policy change to take effect in March.
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 Houses lack of progress on GSE reform.