Cart

Inside the CFPB

May 29, 2007

View Archived Issues

Agencies to Rein in Stated Income Lending

Federal banking regulators are considering adding tougher language on stated-income loans to proposed subprime lending guidance, as they also struggle with questions related to troubled subprime loans in portfolio. Comptroller of the Currency John Dugan said... Read More

Effects of Underwriting Changes to Hit Soon

Despite little evidence thus far in origination volume or the secondary market, loan underwriting experts say it is just a matter of time before the effects of tightening subprime underwriting standards become evident. In a recent audio conference on subprime... Read More

Fed Avoids Debate with Dodd but Says HOEPA Power is Discretionary

The Federal Reserve Board acknowledged it has used its “discretionary regulatory authority” under the Home Ownership and Equity Protection Act on several occasions to protect consumers from lending abuses, but took no position on whether that authority... Read More

Bills Offered to Eliminate Tax on Phantom Debt, Bar Use of ITINs

Tax-related measures that would remove a major impediment to the mortgage industry’s current foreclosure prevention efforts and prevent illegal immigrants from using individual tax identification numbers to obtain residential home loans have been introduced in... Read More

CA Proposes Broader Guidance on Nontraditional Mortgage Products

California has proposed nontraditional mortgage regulations that go farther than the guidelines adopted by state and federal regulators last year. The Department of Corporations, which licenses and regulates California mortgage lenders, opted for a formal... Read More

NY Task Force to Develop Ways to Combat Mortgage Abuses, Fraud

New York mortgage lenders and community groups are working with a state interagency task force to develop measures to combat predatory lending and mortgage fraud. The task force’s goals are to: Develop loan and refinance programs to help homeowners get out of bad... Read More

Industry Worries Subprime Crisis Will Result in Harsh Measures

Despite assurances of balanced rulemaking from federal regulators, the mortgage industry is growing wary about the direction subprime lending supervision might be headed. Recently, the Mortgage Bankers Association joined five other financial services trade... Read More

MBA Expects No Senate Action On Major Mortgage Legislation

While the House recently passed legislation to reform the government-sponsored enterprises, the Mortgage Bankers Association’s top lobbyist does not expect the Senate to act on the bill, or any mortgage-related legislation, for at least a year. At a press... Read More

State Roundup

Illinois. The state legislature is considering changes to state... New York. The Federal Trade Commission and the U.S. Department of... Hawaii. The Aloha State has enacted a law clarifying which entities... Arizona. State regulators are looking into reports that escrow agents... Read More

Federal Roundup

Department of Housing and Urban Development: HUD General Counsel. The Senate... Federal Trade Commission: Bogus Mortgage ‘Moneymakers.’ A federal district court... Department of Justice/FBI/HUD: Secondary Market Fraud. Operators of a North Carolina... Read More

Worth Noting…

The Federal Reserve Board’s Consumer Advisory Council will... USFN (U.S. Foreclosure Network), a trade association... The American Conference Institute is hosting... The National Association of Mortgage Brokers will... The California Mortgage Bankers Association is having... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results