Wells Fargo, which has the largest portfolio of first-lien mortgages, reported a 3.2 percent drop in its holdings, down to $272.72 billion as of the end of the first quarter.
The trade groups argued that the interpretation that employees have a right under the NLRA to engage in class or collective litigation is “dubious at best.”
Groups backing the five-member commission idea include the Mortgage Bankers Association, the Consumer Mortgage Coalition and the Community Mortgage Lenders of America, among others.