A coalition of most of the major mortgage industry participants says FHFA and the GSEs should be more transparent about how they assessed and validated the new credit score models.
“These attacks are prevalent, continue to increase in frequency and sophistication, and are increasingly difficult to detect,” First American cautioned in a recent filing with the Securities and Exchange Commission.
The Consumer Financial Protection Bureau and Department of Justice sued a Texas land developer and a nonbank mortgage firm for allegedly targeting Hispanic consumers with false claims about land lots and churning borrowers through foreclosure cycles.