The Consumer Eagle quoted me in Will Mortgages be Harder to Get in 2014? It reads in part, David Reiss, Professor of Law at Brooklyn Law School, also sees some benefit in more conservative guidelines. “The QM rules and ability-to-repay rules legislate commonsense things like making sure people can repay loans that they take out,… Read more »
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The BK Live segment on Mortgage Inequities in Brooklyn has been posted to the web. Mark Winston Griffith (Brooklyn Movement Center Executive Director), Alexis Iwaniszie (New Economy Project) and I discuss mortgage inequities and how they effect Brooklyn (and beyond). REFinblog.com gets a nice shout out from BK Live.
The CFPB announced that it is seeking feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Data collection seems like a pretty obscure issue, but some Republicans and financial industry interests have been attacking the CFPB for collecting so much data. Given the rapid changes in the consumer financial… Read more »
HSH.com quoted me in The Documents You Need to Apply for a Mortgage. It reads in part, When it comes time to apply for a mortgage in 2014, you might be surprised at how much documentation you’ll need when applying for a home loan. J.D. Crowe, president of Southeast Mortgage in Lawrenceville, Ga., says most… Read more »
Miguel Segoviano et al. of the IMF released a helpful Working Paper, Securitization: Lessons Learned and the Road Ahead (also on SSRN). It opens, Like most forms of financial innovation, there are cost and benefits associated with the securitization of cash flows. From a conceptual perspective, a sound and efficient market for securitization can be… Read more »
The CFPB issued its Winter 2013 Supervisory Highlights. Here are some mortgage highlights from the Highlights: CFPB examiners found that two servicers had engaged in unfair practices in connection with servicing transfers. Specifically, these servicers failed to honor existing permanent or trial loan modifications after a servicing transfer. . . . These servicers also engaged in… Read more »
Patricia McCoy has posted Barriers to Foreclosure Prevention During the Financial Crisis (also on SSRN). In the early 2000s, Pat was one of the first legal scholars to identify predatory behaviors in the secondary mortgage market. These behaviors resulted in homeowners being saddled with expensive loans that they had trouble paying off. As many unaffordable… Read more »