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Inside the CFPB

March 30, 2009

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House Panel Postpones Mark Up of H.R. 1728

The House Financial Services Committee has delayed mark up of legislation introduced last week that would overhaul mortgage regulations and impose tougher consumer protections to prevent another subprime meltdown and foreclosure crisis. H.R. 1728, the Mortgage... Read More

FTC Wields New Mortgage Rulemaking Powers

Non-bank providers of mortgage credit will be facing tougher regulation, stronger enforcement and steeper penalties as the Federal Trade Commission uses its new streamlined rulemaking powers to protect consumers from predatory and abusive financial practices. A provision... Read More

MBA Offers Alternative Measure, Calls for New Industry Regulator

The mortgage banking industry has developed a legislative proposal calling for the creation of new, uniform national lending standards and a new regulator, the Federal Mortgage Regulatory Agency. The MBA’s proposed legislation, the Mortgage Improvement and Regulation Act... Read More

Industry to Seek One-Year Delay in Implementation of Appraiser Code

The Mortgage Bankers Association is planning to ask Fannie Mae, Freddie Mac and their regulator to delay the implementation of a controversial appraiser code slated to take effect May 1. In a related development, a District of Columbia federal court has ordered the National Association of Mortgage Brokers to file a reply in support of its request for preliminary injunction to... Read More

FHA Post Nominee Advocated Withdrawal of RESPA Proposal

President Obama’s choice for next FHA commissioner and assistant secretary for housing at the Department of Housing and Urban Development had advocated the withdrawal of last year’s proposed Real Estate Settlement Procedures Act rule on behalf of the settlement service... Read More

DOJ Urges Congress to Pass FERA, Strengthen Anti-Fraud Statutes

The Department of Justice strongly urged Congress to take legislative steps to close existing gaps and strengthen the statutes that prosecutors use to combat financial fraud. In particular, the DOJ called for the passage of S.386, the Fraud Enforcement and Recovery Act of... Read More

Regulators, NCRC Clash with Critics over CRA Role in Crisis

In an unusual display of unity, federal regulators and consumer groups together defended the Community Reinvestment Act before the U.S. Commission on Civil Rights against charges that the statute precipitated the current mortgage crisis. During a March 20 briefing on abusive... Read More

GSE Housing Goals Reconsidered, 'Duty to Serve' Component Mulled

The Federal Housing Finance Agency will be drafting new affordable housing goals for Fannie Mae and Freddie Mac, including new targets for 2010. Alfred Pollard, FHFA general counsel, told a U.S. Commission on Civil Rights panel March 20 that the new goals “will be significant... Read More

State Roundup

Pennsylvania. New mortgage rules went into effect recently governing mortgage disclosures and practices. The rules are part of a new regulation that requires mortgage companies to document income, fixed expenses and other relevant financial information to determine a... Read More

Federal Roundup

Federal Housing Administration Adoption of GSE Appraisal Guidance, Guidance on Appraisal Practices in Declining Markets. The FHA has adopted additional guidance issued by Fannie Mae and Freddie Mac on how to properly appraise and document a... Read More

Worth Noting...

The American Land Title Association has formed a RESPA Implementation task force to identify issues arising from new Real Estate Settlement Procedures Act regulations. The new task force will act as liaison with HUD and other trade organizations to receive guidance and to jointly... Read More

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