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Inside the CFPB

September 3, 2007

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Countrywide Blames Brokers for Market Woes

Countrywide Financial Corp. has called on its mortgage broker partners to originate only high-quality mortgage loans using best practices, even as it announced a survival strategy that would put the nation’s largest lender in direct competition with brokers... Read More

Wall Street’s Accounting Practices Probed

Not only banks but certain Wall Street investment institutions are also under federal scrutiny for how they account for mortgage-asset losses arising from the subprime market meltdown. The Securities and Exchange Commission has neither confirmed nor denied reports... Read More

Tougher Provisions in Ellison’s Bill May be Included in Frank’s PL Bill

The mortgage industry can expect to see some of the concepts underlying Rep. Keith Ellison’s anti-predatory lending bill make their way into legislation that House Financial Services Committee Chairman Barney Frank, D-MA, plans to introduce soon. Presiding... Read More

IRS Urged to Drop Plan to Treat Mortgages as Capital Assets

The Mortgage Bankers Association and secondary mortgage market participants are urging the Internal Revenue Service to drop a proposed regulation that would treat mortgage loans and retained interests, such as “excess servicing fees,” as capital, rather... Read More

Credit Scores not Proxies for Loan Discrimination, Says Fed Report

The Federal Reserve Board has told Congress in a new report that credit scores are not discriminatory but rather predictive of borrower performance – a finding that may allay lender concerns about relying on credit scores in loan decisions. Issued last... Read More

Despite Meltdown, Subprime Guide Still Matters, Experts Say

The market’s reaction to the subprime mortgage crisis – clearing the shelves of the controversial subprime hybrid and nontraditional mortgage products – may have rendered the newly issued subprime lending guidance moot, at least for the present. But unless and... Read More

State Roundup

North Carolina: The Tar Heel State has toughened its consumer protection laws by... Illinois: State lawmakers recently approved legislation expanding a controversial... New York: Entities attempting to foreclose on residential property are required... Read More

Federal Roundup

Federal Reserve: Foreclosure Resources. The Fed has compiled a list of resources on its Web site that consumers can go to for information regarding foreclosure. In addition, the Fed Web site provides a link to Housing... Read More

Worth Noting…

House Financial Services Committee Chairman Barney Frank... The Conference of State Bank Supervisors has sent... Bankruptcy filings were up by more than 48 percent during... The Office of Thrift Supervision has appointed Darrel Dochow... The Financial Services Roundtable has named... Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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