“We have identified a number of predatory practices, including high-pressure door-to-door sales where families are baited into expensive loans that wipe away the savings from a solar installation,” said CFPB Director Rohit Chopra.
HUD said the changes will better align its regulations with advances in electronic communication technology and borrower engagement preferences, while preserving consumer protections.
Michael Bright, CEO of the Structured Finance Association, predicted that the CFPB will soon bring another lawsuit involving ABS following a tepid reaction from the securitization market to a lawsuit by the bureau against a student loan ABS.
Nierenberg was asked during the call if Rithm is still considering spinning off Newrez. “Yes,” he said. “I don’t know if it’s just a direct listing or something. We’re looking at anything and everything as a way to increase value for shareholders.”
Sarah Brundage, president and CEO of the National Association of Affordable Housing Lenders, noted that the Biden administration has given greater attention to the nation’s housing challenges than any recent administration, including initiatives to boost housing supply, provide relief for homeowners during the pandemic and tackle appraisal bias.