November 5, 2013
FHA’s Net Cost of $15 Billion
The Congressional Budget Office posted FHA’s Single-Family Mortgage Guarantee Program: Budgetary Cost or Savings? In response to the question, “Has FHA’s Guarantee Program for Single-Family Mortgages Produced Net Savings to Taxpayers,” the CBO responds, No. Collectively, the single-family mortgage guarantees … Continue reading
November 5, 2013 in Regulation | Permalink | No Comments
November 4, 2013
Balancing Consumer Protection and Access to Credit
S&P posted U.S. RMBS Roundtable: Originators, Aggregators, and Counsel Discuss New Qualified Mortgage Rules. In summarizing the roundtable, S&P notes that The ability-to-repay rule, ostensibly to prevent defaults and another housing crisis, is still very much open to interpretation. To … Continue reading
November 4, 2013 in Regulation | Permalink | No Comments
November 1, 2013
Measuring Progress at the CFPB
The Bipartisan Policy Center issued a white paper, The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency: This paper measures the agency’s actions against its mandate. It analyzes the start-up and operational challenges the Bureau has faced … Continue reading
November 1, 2013 in Regulation | Permalink | No Comments
October 31, 2013
Qualified Residential Mortgage Comments
The agencies responsible for the Qualified Residential Mortgage rules that address the issue of credit risk retention for mortgage-backed securities requested that comments on the proposed rulemaking be submitted by yesterday. And comments there were. Here is a sampling: The … Continue reading
October 31, 2013 in Regulation | Permalink | No Comments
October 30, 2013
Reiss (and Others) on Post-Bloomberg Brooklyn
The NY Daily News ran a story on a panel I moderated last night at Brooklyn Law School, The Fab Four! Brooklyn Heights Councilmen Since 1975 Share Stage and Talk About Past, Future, Bloomberg. The speakers gave their thoughts on … Continue reading
October 30, 2013 in Regulation | Permalink | No Comments
October 28, 2013
S&P on Rating Mortgage-Backed Securities Before The Crisis
S&P has posted The Role of Credit Rating Agencies in The Financial System, remarks by its president at the United Nations. The remarks reflect S&P’s narrative of the events leading up to the Subprime Crisis. This narrative is, unsurprisingly, self-serving … Continue reading
October 28, 2013 in Regulation | Permalink | No Comments
October 23, 2013
Qualified Mortgage Fair Lending Concerns Quashed
Federal regulators (the FRB, CFPB, FDIC, NCUA and OCC) announced that “a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.” This announcement was intended to address lenders’ concerns that they … Continue reading
October 23, 2013 in Regulation | Permalink | No Comments
