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Tag Archives: Politics

House Committee Approves Fed Reform Bill

The House Financial Services Committee passed a reform bill this week to require the Federal Reserve to adopt a "more predictable rules-based" monetary policy. The Fed has already warned of serious trouble if the nation's central bank were held to formal policy regarding its ability to set interest rates.

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House GOP Highlights Dodd-Frank Failures

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

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House Democrats Introduce New GSE Reform Bill

Representatives John K. Delaney (D-Maryland), John Carney (D-Delaware), and Jim Himes (D-Connecticut) introduced Thursday new housing finance reform legislation aimed at winding down Fannie Mae and Freddie Mac and replacing them with a federally backed insurance program administered through Ginnie Mae.

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House Committee Turns Up Heat on Cordray

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again on Wednesday to review the bureau's semi-annual report and take questions from the House Financial Services Committee. At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency.

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Cordray Faces Grilling in Senate Committee Hearing

CFPB Director Richard Cordray appeared Tuesday in front of the Senate Banking Committee, and as always, the proceedings were contentious. At the hearing, a myriad of topics were discussed, including mortgages, student loans, and proposed data collection efforts for the National Mortgage Database.

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Mortgage Choice Act Clears House Vote

A bill designed to amend mortgage fee calculations under new industry rules cleared a major hurdle Monday, passing the House despite reservations from critics who say it may reopen the door to irresponsible lending. Introduced last year by a bipartisan group of representatives, H.R. 3211 would amend TILA to exempt fees from affiliated title companies from counting toward the 3 percent point and fee threshold established in the QM rule.

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Fannie/Freddie Phase-Out Bill Moves Forward

The Johnson-Crapo housing finance reform bill, which would phase out Fannie Mae and Freddie Mac in favor of a more limited federal insurer, has passed through the Senate Banking Committee. While the bill always had enough support in the committee to make it to the Senate floor, whether or not it goes any further is the real question.

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Servicing, Political Leaders Meet to Tackle Today’s Challenges

Policymakers and servicing leaders gathered Tuesday at the Newseum in the nation’s capital for the fifth annual Five Star Government Forum, an all-day event created to foster honest and open dialogue about the servicing industry’s most pressing challenges. In case you missed it, we captured a few photos highlighting the day’s events and the lineup of speakers—including some of the most influential names in housing and servicing today.

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Senate Banking Leaders Unveil Proposal for Housing Finance Reform

The leaders of the Senate Banking Committee announced Tuesday plans to move forward on a new proposal to wind down Fannie Mae and Freddie Mac in favor of a new government backstop for private financiers. According to committee chairman Tim Johnson (D-South Dakota) and ranking member Mike Crapo (R-Idaho), the newly unveiled reform proposal is the result of months of exploratory hearings and negotiations.

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CFPB Reform Bill Moves Through House

A new bill designed to reform the Consumer Financial Protection Bureau (CFPB) is on its way to the U.S. Senate after passing in the house. H.R. 3193 (the Consumer Financial Freedom and Washington Accountability Act) was created to bring more "accountability and transparency" to the agency, according to Rep. Sean Duffy (R-Wisconsin), the bill's sponsor.

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