National Mortgage News, May 10, 2018–Brad Finkelstein (free story)If a financial industry petition to the Federal Communications Commission on the use of autodialers is successful, it could make Telephone Consumer Protection Act cases more difficult to prove for consumer attorneys. But a favorable ruling likely won’t halt the proliferation of these suits.
Category: Top National News
CFPB to Dramatically Reorganize Operational Structure
HousingWire, May 10, 2018–Kelsey RamirezConsumer Financial Protection Bureau Acting Director Mick Mulvaney announced in an email to staff that he plans to reorganize the bureau’s operational structure.
Treasury Will Sell $101 Billion in Debt
Wall Street Journal, May 10, 2018The U.S. will auction $101 billion in securities next week, comprising $42 billion in new debt and $59 billion in previously sold debt.
Downsizing and Servicing Offset Lower Volume at Impac Mortgage
National Mortgage News, May 10, 2018–Bonnie Sinnock (subscription)Impac Mortgage Holdings Inc. generated almost $4 million in net income during the first quarter as it continued to downsize to adjust for origination declines and benefited from servicing gains.
GSE Reform Is Dead–Long Live GSE Reform!
Urban Institute, May 9, 2018–Jim Parrott, Mark M. ZandiAs it becomes apparent that the 115th Congress will not pass legislation to reform Fannie Mae and Freddie Mac, the authors describe the path the current administration will likely take to reform the government-sponsored enterprises administratively.
Mulvaney Guts CFPB’s Student Lending Office
American Banker, May 9, 2018–Kate Berry (subscription)Mick Mulvaney on Wednesday announced a restructuring of the Consumer Financial Protection Bureau that will strip the agency’s student lending office of all functions except consumer education.
RBS Reaches $4.9 Billion Deal to Settle U.S. Mortgage Bond Investigation
Reuters, May 9, 2018–Nate Raymond, Eric Walsh, Sinead CruiseRoyal Bank of Scotland has agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.
Civil Rights Groups Challenge HUD’s Fair Housing Enforcement
New York Times, May 8, 2018–Glenn ThrushCivil rights advocates sued the Trump administration on Tuesday over enforcement of the 50-year-old Fair Housing Act, part of an effort to prevent discrimination in the allocation of funds for Gulf Coast hurricane housing and infrastructure reconstruction.
Companies With the Most Complaints in CFPB Database Were Mulvaney Donors
Public Citizen, May 8, 2018–Michael TanglisEight of the 10 financial institutions that are the subjects of the most complaints in the Consumer Financial Protection Bureau public database contributed to acting Director Mick Mulvaney while he was in Congress, according to an analysis published by Public Citizen.
Equifax Reveals How Much Information was Really Exposed in Data Breach
HousingWire, May 8, 2018–Caroline BasileIn a new filing with the Securities and Exchange Commission, the credit reporting agency broke down in detail the types of–and how much exactly–sensitive personal information was exposed to hackers in the breach.