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Origination

CFPB Leadership Uncertain as Court Invalidates Recess Appointments

A federal appeals court in Washington, D.C., ruled Friday that the controversial recess appointments made by President Obama in January 2012--which includes the appointment of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB)--are "invalid from their inception." Administration officials insisted the president was acting correctly under the Constitution; critics argued that the Senate was not actually in recess and that the president was skirting around the confirmation process.

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NAMB: Loan Officer Compensation Rules Threaten Small Businesses

The Consumer Financial Protection Bureau's (CFPB) new rules on loan originator compensation will inevitably raise prices for consumers and harm small business, according to the National Association of Mortgage Brokers (NAMB). NAMB president Donald J. Frommeyer noted that the majority of the 10,579 mortgage brokers in the United States have five employees at most, and a large portion of the commission they receive on loans goes to paying overhead to operate their business.

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Survey: Optimism over Prices Has Sellers Holding Off

According to Redfin's latest Real-Time Seller Survey, 81 percent of sellers believe home prices will rise in their area over the next year, up from 75 percent in the fourth quarter of 2012. While the increase in seller confidence should translate to increased inventory, the results have yet to be seen. According to the survey, 49 percent of respondents indicated they were planning to sell, up from 45 percent in last quarter's survey. However, the percentage of respondents who indicated they were selling "right now" fell by nearly half.

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Fed Report: Regulatory Reform Coming in Slow Measures

The last few weeks have seen a deluge of new rules from the Consumer Financial Protection Bureau (CFPB) and other regulatory agencies, but a new report from the U.S. Government Accountability Office (GAO) says the reform process is still coming along slowly. As of the end of 2012, GAO estimates regulators have issued rules for approximately 48 percent of the Dodd-Frank provisions that call for them. Most of the effective deadlines for those rules have not yet been reached, the agency says.

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December Sees Sharp Drop in New Home Sales

New home sales fell 7.3 percent in December to 369,000, the sharpest monthly drop in almost two years, the Census Bureau and Department of Housing and Urban Development reported Friday. The monthly drop in sales was the largest since February 2011. Nonetheless, December 2012 sales were up 8.8 percent over December 2011. Sales for September, October, and November were revised higher, with the November sales pace reported as 398,000, up from the originally reported 377,000.

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