Loans that qualify for purchase by the GSEs will continue to be exempt from the 43% debt-to-income ratio cap. This development was not unexpected. In July, the CFPB said it would consider a short extension.
The FHFA has enormous sway over the CSS because of its role as regulator and conservator of Fannie and Freddie. However, once (if) the two are recapped and released, that won’t necessarily be the case…
The new department will be modeled after the Consumer Financial Protection Bureau to “provide consumers with more protection against unfair, deceptive, and abusive practices.”
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