March 6, 2013
The Financial (Mis)Education of Lauren Willis
Lauren Willis has posted Financial Education: Lessons Not Learned and Lessons Learned. This is a sobering, even depressing, overview of what we know about the efficacy of financial education. This is an extremely important topic because the CFPB has identified … Continue reading
March 6, 2013 in CFPB | Permalink | No Comments
February 25, 2013
Regulating the Distribution of Home Equity
Ian Ayres and Joshua Mitts have posted Three Proposals for Regulating the Distribution of Home Equity which brings welcomed attention to the systemic risk implications of consumer protection regimes. In particular, they argue that the proposed Qualfied Residential Mortgage “rules … Continue reading
February 25, 2013 in CFPB | Permalink | No Comments
February 22, 2013
Reiss on Qualified Mortgages and Fair Housing
Law360 ran Banks Fear CFPB Rule Could Spur Fair Lending Fights (behind a paywall) which asked for my thoughts: banks may be getting a bit ahead of themselves when it comes to worrying about how the fair lending law will … Continue reading
February 22, 2013 in CFPB | Permalink | No Comments
February 14, 2013
Misleading CoreLogic Report on Qualified Mortgage Rules
The Wall Street Journal reported (behind its paywall) uncritically on a recently released CoreLogic report about the supposed impact of the new Qualified Mortgage rules issued last month by the CFPB on the mortgage market. The report is very flawed. … Continue reading
February 14, 2013 in CFPB | Permalink | No Comments
February 11, 2013
CFPB Mortgage Disclosure Forms: Test And Verify
The CFPB is requesting comments relating to the collection of “information as part of quantitative research related to residential mortgage loan disclosures.” (8113) The purpose “of the quantitative testing will be to examine whether the disclosures aid consumers in understanding … Continue reading
February 11, 2013 in CFPB | Permalink | No Comments
February 4, 2013
More on CFPB Ability-To-Pay Rule
Attorney Robert Barnett asks whether the CFPB’s new Ability-To-Pay Rule is too rigid. He says that ‘the insistence on a solid 43 percent debt-to-income ratio will exclude many very solid applications from qualification as a Qualified Mortgage . . ..” … Continue reading
February 4, 2013 in CFPB | Permalink | No Comments
January 29, 2013
Empirical Evidence of Predatory Steering in the Mortgage Market
Agarwal and Evanoff have released a draft of Loan Product Steering in Mortgage Markets. They sought to determine whether there was empirical support for the frequent anecdotes of credit steering in the literature about predatory lending. They find such support. … Continue reading
January 29, 2013 in CFPB | Permalink | No Comments
