REFinBlog

January 28, 2013

GAO Report on Challenges for Financial Regulatory Reform

The GAO has issued a report, Financial Regulatory Reform:  Regulators Have Faced Challenges Finalizing Key Reforms and Unaddressed Areas Pose Potential Risks.  The report notes that kolyokbirodalom.hu/site/ A variety of challenges have affected regulators’ progress in executing rulemaking requirements intended … Continue reading →

January 23, 2013

Levitin Gives Overview of CFPB

The extraordinarily prolific Adam Levitin has posted The Consumer Financial Protection Bureau:  An Introduction.  He concludes that the CFPB faces a constant challenge in terms of measuring and then balancing the consumer protection benefits from regulation with the costs of … Continue reading →

January 22, 2013

CFPB Issues Rules on High-Cost Mortgages

The CFPB issued rules for high-cost mortgages (those with high interest rates and/or points and fees).  Importantly, the rules now apply to most mortgages, including purchase money mortgages; refis; home equity loans; and home equity lines of credit. High-cost loans … Continue reading →

CFPB Issues Rule on Loan Originator Compensation

Distorted mortgage broker incentives were one of the big problems during the Subprime Boom.  Indeed, many lenders have since stopped outsourcing loan originator to mortgage brokers because a lot of the terrible loans they were stuck with had been originated … Continue reading →

January 17, 2013

CFPB Issues New Rules To Protect Homeowners in Foreclosure

The CFPB issued new rules today that increase protections for homeowners in foreclosure.  The 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules.  These rules are a first national standard … Continue reading →

January 10, 2013

CFPB Releases Ability-To-Repay and Qualified Mortgage Final Rules

The CFPB has released the final rules relating to ability-to-repay and Qualified Mortgages.  The CFPB’s Summary is currently available. The big news is that qualified mortgages do NOT have a minimum down payment requirement.  This was a very big bone … Continue reading →

January 8, 2013

Republicans Issue Report Critical of CFPB’s Regulation of Mortgage Markets

The staff of the House’s Committee on Oversight and Government Reform issued a report that argues that the CFPB is “predisposed to limit access to credit;”  “will increase regulatory burdens and reduce credit availability;” and has inadequate mechanisms to “detect … Continue reading →