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Tag Archives: Dodd-Frank

CFPB Proposes Draft Mortgage Statement for Borrowers

The Consumer Financial Protection Bureau called for public comment on a draft it recently proposed for a mortgage statement required for borrowers under the Dodd-Frank Act. If approved, mortgage servicers and assignees of the loan would need to distribute the statement to borrowers with information that includes the principal loan amount, current interest rate, any late payments and penalties, and contact information for both the servicer and a housing counselor. A draft version of the statement shows that servicers would also need to break down past payments.

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Gingrich Rout Shows How Housing Remains a Political Bludgeon

Republican presidential candidates used housing issues in Florida to trump up their bona fides in separate addresses Tuesday. With nearly all precincts reporting in Florida, former Gov. Mitt Romney routed former House speaker and rival Newt Gingrich by 46.4 percent to 31.9 percent. The Dodd-Frank Act, new mortgage rules and regulation, and foreclosures all made appearances in addresses by Gingrich and Romney. Numerous analysts credit housing-related ads helping the former Masschusetts governor head off a primary threat.

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Cordray Fends Off Continuing Concerns, Criticism at Hearing

Newly appointed Consumer Financial Protection Bureau director Richard Cordray fended off another round of concern and criticism at a congressional hearing Tuesday even as he portrayed Congress as an important check on the bureau├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós power. Lawmakers from both sides of the aisle stayed true to their parties├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó positions by alternately casting Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment as a potentially dangerous abuse of presidential power and as a needed solution to congressional gridlock.

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Cordray Defends CFPB at First Congressional Hearing

An awkward and slightly tense air greeted Consumer Financial Protection Bureau director Richard Cordray at his first congressional hearing Tuesday, where the new appointee cast his agency as one that would strive to reduce duplication and increase transparency. Although careful in their approach to the new director, Republican committee members frequently cited their concerns about federal overreach, the constitutionality of his recess appointment, and interests for transparency. The CFPB can now supervise nonbank financial entities.

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GOP Candidates Thrash GSEs, Dodd-Frank at Debate

Candidates for the Republican presidential nomination roundly criticized Freddie Mac Monday, taking swipes at rival and former House Speaker Newt Gingrich for services he rendered to the mortgage company as an independent contractor in 2006. Yesterday The Gingrich Group ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô founded by its namesake and currently doing business as the Center for Health Transformation ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô revealed that Freddie Mac paid Gingrich $25,000 in monthly fees for consulting services he rendered to the mortgage company as an independent contractor.

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Housing Finance Reform Mired in Primary Politics

Presidential hopefuls remain quiet on subjects related to housing finance reform ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô except when it comes to politics. With former House Speaker Newt Gingrich trumping former Massachusetts Gov. Mitt Romney in the South Carolina primary Saturday, the latter went on the attack Monday by reportedly criticizing his opponent for a $1.6-million contract he signed with Freddie Mac to advise the GSE at one time. These rows touch offer the only debate for candidates over housing, signaling only peripheral discussion of a still-lagging sector.

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Witnesses Criticize, Call for Repeal of Volcker Rule

Witnesses testifying before the House Financial Services Committee Wednesday warned lawmakers that the controversial Volcker Rule could tighten bank liquidity and make U.S. financial institutions less competitive with banks overseas. Once finalized by regulators, the rule ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô unless modified or repealed by lawmakers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô will enact a provision under the Dodd-Frank Act that prohibits U.S. banks from engaging in short-term proprietary trading practices. Douglas Elliott, a fellow with the Brookings Institution, called for an outright repeal of the Volcker Rule.

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Duke: Fed Wants to Work With Smaller Banks

Federal Reserve Gov. Elizabeth Duke offered to reassure bank executives Friday that the central bank wants to avoid a one-size-fits-all approach to regulation and work with smaller financial institutions to ensure that new mortgage banking rules work effectively. Speaking before the California Bankers Association in Santa Barbara, the official, a former banker-turned-regulator, said that the Fed will strive to prepare examiners and work with banks ahead of stress tests and final rules. She said regulators will include statements before every rule for bankers.

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Veros Approves SharperLending for UCDP Integration

Gaining industry approval, SharperLending LLC has announced that Veros Real Estate Solutions confirmed its appraisal firewall platform for integration with the Uniform Collateral Data Portal (UCDP). SharperLending released its appraisal firewall interface to the UCDP on December 10, and Veros has now declared the web-based program operationally ready for submissions.

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