This just in from the “It Couldn’t Possibly Get Any Worse” Department: The first wave of checks from the bungled foreclosure abuse settlement landed in mailboxes around the country this week, but when people tried to cash them, a number of them bounced. I don’t know about you, but if someone who worked for me… Read More
The federal watchdog agency tasked with protecting consumers from unfair or predatory financial practices by many types of financial institutions recently issued new guidance for some companies related to loan transfer deals. The Consumer Financial Protection Bureau’s latest bit of guidance addressed the legal obligations mortgage lenders have with regard to protecting consumers as they transfer these home loans to servicers, according… Read More
Federal regulators are now significantly overhauling rules to which mortgage originators and brokers must comply when granting this type of loan to consumers so that they are more affordable, but one top lawmaker says there needs to be greater clarity and uniformity in the process. Sen. Bob Corker, a Republican from Tennessee, recently wrote a letter to some of… Read More
The Consumer Financial Protection Bureau announced Thursday that it has issued new consumer protection rules targeted at one of the industries for which it receives a large number of complaints — mortgage servicers. Mortgage servicers are essentially the face of your mortgage. Their role in the lending process is to collect payments from borrowers on… Read More
The biggest news this week is all about the Consumer Financial Protection Bureau’s new regulations of the mortgage industry. Mixed Reviews on CFPB’s New Mortgage Rules The CFPB announced a slew of new mortgage regulations Thursday that are going to have a major impact on the housing market. Whether they are for the betterment of… Read More
The federal watchdog agency in charge of protecting consumers’ finances recently proposed a number of rules for the ways in which mortgage lenders and servicers deal with borrowers, but one group thinks these regulatory changes could actually be harmful for Americans. The consumer advocacy group Americans for Financial Reform, made up of a number of… Read More
The federal agency in charge of helping consumers avoid predatory or misleading lending practices is now proposing a way to help borrowers better understand the full cost of borrowing to buy a house. The Consumer Financial Protection Bureau recently proposed a new type of disclosure form for mortgages that will give borrowers a clearer understanding… Read More
I’ve been a lawyer for more than thirty years, and the biggest part of that time was spent at the Federal Trade Commission working on issues relating to credit and rules for consumer protection. I’ve seen a whole bunch of regulations come and go—some good, some bad. Well, on April 1, a really good one… Read More
The Obama Administration unveiled its well promoted Consumer Financial Protection Agency Act of 2009, its plan to improve the regulation of the mortgage industry and other issuers of consumer credit.
We all know about locking the barn door after the horses have already left and it’s happening in this case. Under Alan Greenspan, the Fed took the stance that its powers did not extend to doing exactly what it is now doing. You wonder what kind of world we would have today had they been bold and done it anyway and waited for someone to tell them they had over-stepped their regulatory powers.