As most residential stakeholders know, nonbank risk is an issue that has caught the eye of the Federal Housing Finance Agency and the Department of Housing and Urban Development because nonbanks are major counterparties to Fannie Mae, Freddie Mac as well as Ginnie Mae.
Kristy Fercho of Flagstar said the bank is comfortable with the CFPB’s plans, noting the transition to a new measure for QM status should be “pretty easy to manage.”
But the financial windfall from the underwriting contracts where the two mortgage giants will offer new shares of common to the public should be considerably larger.
Analyst Jaret Seiberg of Cowen: "This guidance should restrict how the abusive standard can be used. This doesn't mean the CFPB can't investigate these products. It is more that its power to bring aggressive enforcement actions will be less.”
According to the complaint, Monster purchased more than 7 million credit reports from Experian between December 2015 and May 2017. The reports included consumers’ names, addresses, number of student loans and aggregate student loan balances.
Something to think about: What if Trump doesn’t get reelected? Will the Dow react differently under a President Warren or Sanders than it would a Biden or Bloomberg? Whatever happens, it won’t be boring…