HousingWire: FHFA Reaches Settlement with City of Chicago Over Vacant Property Lawsuit

The Federal Housing Finance Agency reached a settlement with the City of Chicago over the city’s vacant property ordinances, ending a 2½ year legal battle. The FHFA, as conservator of Fannie Mae and Freddie Mac, sued the city on December 12, 2011, after the city amended its vacant and abandoned building ordinances to require mortgagees… Read More »

MBA NewsLink: MBA Letters Cite Concerns over New Reg AB Proposed Requirements

Sorohan, Mike–Apr. 1, 2014 The Mortgage Bankers Association, in letters to the Securities and Exchange Commission, expressed concern about proposed revisions to Regulation AB, which governs registration requirements for asset-backed securities offerings and disclosures. In separate letters representing views of both MBA residential finance members and commercial/multifamily members, MBA’s residential letter said an SEC Staff… Read More »

HousingWire: CFPB Awash in Mortgage Complaints

The Consumer Financial Protection Bureau is in the complaint business, and business is good. The CFPB received 163,700 consumer complaints in 2013, nearly double the total 90,000 they received in 2012. The CFPB’s Consumer Response Annual Report shows that the bulk of the complaints – a plurality of 37% – were related to mortgages. Some… Read More »

American Banker: Lawsky Calls for Aggressive Penalties Against Individuals, Banks

Benjamin Lawsky, New York’s top banking cop, called on regulators Wednesday to hold individuals responsible for the scandals that have continued to sweep the financial industry after the crisis. The head of New York’s Department of Financial Services also warned that his agency is considering taking more aggressive actions against companies that violate regulations, and… Read More »

DS News: Banks Complete Consumer Relief Obligations

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that the banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead… Read More »

HousingWire: Proposed GSE Reform Called “Fat Target” for Micro-Management

One day after the announcement of intended comprehensive reform of Fannie Mae and Freddie Mac — being drafted by Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, — reaction from relevant trade groups are largely positive with some negative reviews. However, the lack of detail in regard to the ensuing… Read More »

ValueWalk: New Proposal Would Put Private Companies Between the Secondary Mortgage Market & Taxpayers

US Senators Tim Johnson (D., S.D.) and Mike Crapo (R., Idaho) have made a new proposal for reforming the US mortgage industry that falls in line with last year’s proposal from Bob Corker (R., Tenn.) and Mark Warner (D., Va.), but getting bipartisan support will be a major problem, reports Nick Timiraos for The Wall… Read More »

ABA Dodd-Frank Tracker: House Passes ABA-Backed CFPB Reform Bill

The House passed H.R. 3193, a CFPB reform package that would replace the CFPB director with a bipartisan five-member commission, fund the CFPB through congressional appropriations, address the CFPB’s collection of consumer financial data and change the voting standard for the Financial Stability Oversight Council from two-thirds to simple majority. Read more in the ABA… Read More »

ABA Dodd-Frank Tracker: Financial Services Groups Oppose Proposed Bank Tax

ABA and other financial services trade groups have united to oppose a provision in the tax reform package proposed by House Ways and Means Committee Chairman Dave Camp (R-Mich.) that would phase out the deductibility of FDIC insurance premiums for banks with more than $10 billion in assets. Assessments would be completely non-deductible for institutions… Read More »

ABA Dodd-Frank Tracker: Dodd-Frank Burdens Small Banks

The Dodd-Frank Act significantly affects small banks and their customers, a Small Bank Survey created by George Mason University’s Mercatus Center found. The legislation has increased compliance costs, including hiring new compliance personnel and increased reliance on outside compliance professionals. The survey shows that, since Dodd-Frank, annual compliance costs have increased by 5% for 83%… Read More »

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