April 28, 2016
Republicans Ready for GSE Reform?
Senator Shelby (R-AL), the Chair of the Senate Committee on Banking, Housing and Urban Affairs, sent a letter to the U.S. Government Accountability Office regarding the future of Fannie Mae and Freddie Mac, sometimes known as the “enterprises.” It provides an … Continue reading
April 28, 2016 in Regulation | Permalink | No Comments
April 25, 2016
TRID Trials
The Consumer Financial Protection Bureau issued the TILA-RESPA Integrated Disclosure (TRID) Rule which went into effect more than six months ago. The TRID Rule were designed to enhance consumer protections in the mortgage application process. The mortgage industry has been … Continue reading
April 25, 2016 in Regulation | Permalink | No Comments
April 22, 2016
Nonbank Mortgage Servicers and the Foreclosure Crisis
The United States Government Accountability Office has issued a report, Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened. The GAO found that The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 … Continue reading
April 22, 2016 in Regulation | Permalink | No Comments
April 21, 2016
Couples Leave Money on Closing Table
Geng Li, Weifeng Wu and Vincent Yao, three Fed economists, have posted a research note, Do People Leave Money on the Table? Evidence from Joint Mortgage Applications and the Minimum FICO Rule. The authors state that there “is mounting evidence … Continue reading
April 21, 2016 in Regulation | Permalink | No Comments
April 20, 2016
The Land Use Report of the President
The Economic Report of the President contains an important analysis of local land use policies in a section titled “Constraints on Housing Supply:” Supply constraints provide a structural challenge in the housing market, particularly in high-mobility, economically vibrant cities. When housing supply … Continue reading
April 20, 2016 in Regulation | Permalink | No Comments
April 19, 2016
Principal-ed Forgiveness
The Federal Housing Finance Agency announced a new program to implement principal reduction for seriously delinquent, underwater homeowners who meet the following criteria: Are owner-occupants. Are at least 90 days delinquent as of March 1, 2016. Have an unpaid principal balance … Continue reading
April 19, 2016 in Regulation | Permalink | No Comments
April 15, 2016
Consumer Survey Surveillance
As I had noted previously, The Consumer Financial Protection Bureau had issued a notice and request for comment on the Financial Well-Being National Survey. My submitted comments on it are below: The Consumer Financial Protection Bureau has solicited comment on whether this … Continue reading
April 15, 2016 in Regulation | Permalink | No Comments
