September 5, 2017
Tuesday’s Regulatory & Legislative Roundup
- The Consumer Financial Protection Bureau wants to ensure the victims of Hurricane Harvey are well supported. As the financial industry’s top enforcer, the agency recently released a statement mentioning the strain such catastrophes cause to consumers and a need to promptly assist in recovery. Seemingly, the agency’s goal is to ensure consumer’s credit and liquidity is not severely affected by the current devastations in the Texas and Louisiana communities.
- A Texas Congressman, Jeb Hensarling, chair of the House Financial Services Committee, wants to support Houston by proposing to extend the National Flood Insurance Program (NFIP) for three additional months. Other Congressmen in the committee hope approval of an extension will lead to additional reforms connected to NFIP. Jeff Emerson hopes the program will soon have the capability to borrow funds.
September 5, 2017 | Permalink | No Comments
September 4, 2017
Monday’s Adjudication Roundup
- PricwewaterhouseCoppers LLP asked an Alabama federal court to stay their 2 billion dollar preceding regarding mortgage fraud. Allegedly the financial institution intentionally “overlooked a mortgage fraud scheme.” The bank’s lack of oversight ultimately caused the bank’s demise; however, an Alabama judge believes the show must go on!
- What protections are afforded during the whistleblowing process? According to a group of businessmen, a whistleblower must alert the United States Securities and Exchange Commission before he or she can be protected from retaliation under the Dodd-Frank Act. In the group’s “friend-of-the-court” briefs to the U.S. Supreme Court, they urge the Court to consider their perspective regarding the subject matter and ask the Court to construe the intent of Congress in a narrow manner.
September 4, 2017 | Permalink | No Comments
September 1, 2017
Friday’s Government Reports Roundup
- The Consumer Financial Protection and Bureau (CFPB) gave several warnings to a California based company that purported to help individuals repair their credit. However, the CFPB alleges the company illegally charged customers while “helping” to repair their credit. Initially, various executives received a fine for their alleged acts, but presently the regulatory agency insists that Prime Marketing Holdings be permanently banned from “assisting” in repairing credit.
- The United States Housing and Urban Development halted the “implementation Small Area Fair Market Rents (SAFMR) rule.” The SAFMR rule attempts to transfer families in lower-income neighborhoods to higher-income neighborhoods so that the families can have access to better employment and better schools. As Obama departed from office, he approved the creation of SAFMR to, “help empower families by ensuring that they have the tools they need to succeed.”
September 1, 2017 | Permalink | No Comments
August 31, 2017
Thursday’s Advocacy & Think Tank Roundup
- The second quarter presented a triumph unseen since the first quarter of 2015. The Bureau of Economic Analysis reported a 3% increase in the real gross domestic product. This increase is above the prediction of the industry based upon the first quarter’s 1.4 % increase.
- The Mortgage Bankers Association wants to ensure their candidate, Pam Patenaude, is confirmed as the deputy secretary of the United States Housing and Urban Development federal agency. They believe her confirmation is critical and must occur sooner rather than later. Patenaude’s potential role handles “the day-to-day operations” of the regulatory agency and its lack is causing the country harm.
August 31, 2017 | Permalink | No Comments
August 30, 2017
Wednesday’s Academic Roundup
- Credit Growth and the Financial Crisis: A New Narrative, Albanesi, De Giorgi, and Nosal
- Default Risk of Mortgage Credits for Lenders, Opitz
- Collateral Misreporting in the RMBS Market, Kruger and Maturana
- Judging Judicial Foreclosure, Feinstein
- Real Estate Bubbles and Urban Development, Glaeser
August 30, 2017 | Permalink | No Comments
August 29, 2017
Tuesday’s Regulatory & Legislative Roundup
- The United States Department of Housing and Urban Development (HUD) responded to the natural disaster crisis in Houston, Texas. The Federal agency will offer relief to homeowners surrounding mortgage and foreclosure issues. However, homeowners will not be the sole beneficiaries of HUD’s aid, the agency will also assist local governments with funding to ensure its residents will receive the proper relief during these trying times.
- The state of California is attempting to remedy its housing crisis. Currently, the state’s legislature is considering a bundle of bills aimed at aiding the state in its housing crisis. The bundle attempts to assist many residents with affordable housing and provide long-term funding to California’s housing needs. Though the bundle of bills were approved by the state’s Senate, the state’s Assembly has expressed concern over the costs of the proposed housing crisis solution.
August 29, 2017 | Permalink | No Comments
August 28, 2017
Monday’s Adjudication Roundup
- A Florida developer is not giving up on it’s $10 million takings case. Florida’s Department of Environmental Protection won in the Florida court system against the developer; however, the developer petitioned the United States Supreme Court after Florida’s highest court refused to hear the case.
- A Freedom Mortgage Co. former employee filed a suit against the company based on racial discrimination. The employee, alleged Freedom Mortgage Co. made decisions regarding his employment due to his race; however, a Seventh Circuit panel determined the ex-employee lacked sufficient evidence to prove his claim.
- An Illinois construction company is in trouble with the state’s attorney general’s office. The Illinois attorney general office sued Katlia Construction Inc., alleging the company swindled residents out of more than $300,000 for work not completed or work completed below the industry standard.
August 28, 2017 | Permalink | No Comments
