Ted Tozer, Urban Institute non-resident fellow, argues that policymakers should update the FHA Modernization Act so lenders are no longer banned from providing downpayment assistance to FHA borrowers.
McGlinchey Stafford attorney Jim Sandy said in an interview with Inside the CFPB that potential defenses against enforcement actions and private litigation have begun to emerge.
The Consumer Financial Services Association of America said courts have “ample means” to protect the mortgage market if the CFPB is found to be unconstitutional.
American Bankers Association Senior Counsel Kathleen Ryan said that the statement's examples of abusive conduct were based on “unproved and untested allegations in enforcement actions,” not on caselaw.