May 22, 2013
Reiss on Qualified Mortgage Rule
TheStreet.com quoted me in a story, New Mortgage Lending Rule Intended to Protect Borrowers May Hurt Self-Employed. It reads in part, “Lenders are incentivized to originate qualified mortgages, because doing so makes it easier to defend against borrower lawsuits,” says … Continue reading
May 22, 2013 in CFPB | Permalink | No Comments
May 20, 2013
Financial Education on a Wing and Prayer?
The CFPB released its report, Feedback from the Financial Education Field, which summarizes responses to an Request for Information on Effective Financial Education. The CFPB is required by Dodd-Frank to establish an Office of Financial Education “to educate American consumers … Continue reading
May 20, 2013 in CFPB | Permalink | No Comments
May 8, 2013
Reiss on CFPB Muscle
Law360 interviewed me in CFPB Flexes Enforcement Muscle In 1st Criminal Referral (behind a paywall) regarding the prosecution of an alleged debt relief scam: unsecured personal loan rates Criminal charges filed Tuesday against a New York debt settlement firm based … Continue reading
May 8, 2013 in CFPB | Permalink | No Comments
April 29, 2013
The Servicing Field Is Wide Open
The CFPB has proposed an additional comment to Regulation X to emphasize that that regulation does not preempt state regulation of mortgage servicing: Proposed comment 5(c)(1)-1 would state further that nothing in RESPA or Regulation X, including the provisions in … Continue reading
April 29, 2013 in CFPB | Permalink | No Comments
April 2, 2013
Reiss on CFPB Complaint Database
E-Commerce.com has a story on this tempest in a teapot, Finance Companies Bristle at Public Airing of Consumer Complaints. It reads in part as follows: The angst of the finance industry isn’t universal, however. This database is evolutionary — not … Continue reading
April 2, 2013 in CFPB | Permalink | No Comments
March 19, 2013
Reiss on CFPB’s New Escrow Rules
The CFPB Journal interviewed me here about the new five year escrow requirement for Higher-Priced Mortgage Loans (HPMLs): According to David Reiss, professor of law at Brooklyn Law School, the text of the Dodd-Frank Act itself requires the five-year escrow … Continue reading
March 19, 2013 in CFPB | Permalink | No Comments
March 7, 2013
Should CFPB Be a Nudge?
Cass Sunstein, until recently the Administrator of the White House Office of Information and Regulatory Affairs, has posted an early draft of Nudges.gov: Behavioral Economics and Regulation. While it touches on real estate finance only indirectly, it provides a nice … Continue reading
March 7, 2013 in CFPB | Permalink | No Comments
