Two fellows at the American Enterprise Institute (AEI) assert that the QM rule is "simply another and more direct way for the government to keep mortgage underwriting standards low."
Read More »NAHB: Appraisal Reform Necessary for Sound Market
As regulatory institutions provide some clarity to the mortgage market, the National Association of Home Builders insists the market is in need of a sound and functional appraisal system.
Read More »Companies Join to Prepare Servicers for CFPB Examinations
Two industry service-providers are teaming together to help servicers prepare for CFPB examinations and adjust procedures to comply with new regulations.
Read More »Mortgage Settlement Monitor: Ally Financial Has Satisfied Obligations
Ally has satisfied its consumer relief obligations required under last year's National Mortgage Settlement (NMS), according to settlement monitor Joseph Smith Jr.
Read More »CFPB Aims to Prepare Industry, Consumers for Pending Rules
The Consumer Financial Protection Bureau recently finalized several rules for the mortgage industry, including the ability-to-repay rule and new mortgage servicing guidelines. As the Bureau prepares for the rules to take effect in January 2014, it aims to take several actions to educate and prepare both the industry and consumers on the new regulations.
Read More »CoreLogic: 60% of Today’s Loans Fail QM, QRM Requirements
About 60 percent of loans written today would be unacceptable under the finalized rules for a QM and the anticipated rules for a QRM, according to CoreLogic.
Read More »Poll: 4 in 5 Small Business Owners Support Tougher Rules for Wall Street
An Internet poll conducted by Lake Research Partners and released by Small Business Majority shows 80 percent of small business owners believe Wall Street and financial companies should face tougher rules and enforcement following the financial crisis. The remainder believe those companies have showed enough evidence of change that further regulation is unnecessary. Additionally, a combined 66 percent expressed their opinion that the level of government oversight should increase or is about right the way it is.
Read More »Fed Governor Addresses Sour Sentiment Among Community Banks
In a speaking engagement, Federal Reserve Governor Elizabeth A. Duke addressed the plight of community bankers and maintained "the future of community banking is bright."
Read More »Study: CRA Increased Risky Lending at Banks Pre-Crisis
A new report from the National Bureau of Economic Research (NBER) asserts the Community Reinvestment Act (CRA) drove banks to make riskier loans.
Read More »FHA Announces Imminent Reforms to Rebuild Capital
Federal Housing Administration commissioner Carol Galante announced Wednesday a series of changes to be issued this week that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The announced changes include consolidating FHA's reverse mortgage program, raising of mortgage insurance premiums, and requiring borrowers to continue paying annual insurance premiums for the entire life of their mortgage loans.
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