Weekly Topic Update (Dec 10 - Dec 16)

Senate, House disagree on fate of Fannie Mae, Freddie Mac

12/08/2017

House Financial Services Committee Chairman Jeb Hensarling has compromised on mortgage market and affordable housing measures in an effort to strike a bipartisan and bicameral deal. However, the current plan by Senate lawmakers is to keep Fannie Mae and Freddie Mac going in a new system, setting up potential disagreement with Hensarling, who made it clear the two government-sponsored enterprises should be wound down. For some, the breakdown is due to fears expressed by community bank lenders, who argue that if Fannie and Freddie are eliminated, big banks will dominate any new system.

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Source: National Mortgage News

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OCC, FRS, CFPB | Lending | Mortgage Lending | Rule | 11/09/2017

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Trending News

12/07/2017

Ginnie Mae probe leads to predatory mortgages clamp down

National Mortgage News • Mortgage Lending • Industry News

The federal government is seeking to stop the practice of service members and veterans being pressured into taking mortgages they don't need, which will help lower consumer costs and may mean financial penalties for lenders. The actions stem from a Ginnie Mae probe and will restrict how often a lender is allowed to put a mortgage to a particular borrower in a Ginnie-backed bond. Last year, Ginnie imposed a six-month moratorium, but allowed exceptions for certain kinds of mortgages - however, starting next spring, there won't be any exceptions.

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12/07/2017

CFPB student loan suit sees trusts take legal control

Law360 (sub. req.) • Lending • Industry News

Despite a slowdown in the case due to the changing of CFPB heads, the new owner of a $12-billion fleet of securitized student loan trusts locked in its authority to settle the pending $22-million federal consent decree over debt collection practices.

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12/07/2017

Law firm wants sanctions against CFPB over alleged Cordray communication delay

Law360 (sub. req.) • Lending • Industry News

Ohio law firm Weltman Weinberg & Reis Co. asked a federal judge to sanction the CFPB for allegedly attempting to delay allowing the firm to speak with former Director Richard Cordray before he resigned. In a motion, the firm said Cordray would have information that is important to its defense of claims by the CFPB that it misled consumers about its authority to bring debt collectors to task.

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