Wall Street Journal, Jan. 24, 2016–Hayashi, Yuka
Four years after the Consumer Financial Protection Bureau’s creation, debate still rages over its authority.
Category: Top National News
‘Too Big to Fail’ Banks Thriving a Few Years After Financial Crisis
New York Times, Jan. 22, 2016–Cohan, William D.
These days, the “too big to fail” banks have less competition than ever, they get their raw material – cash from depositors – nearly free and they have never had more ways to make vast amounts of money.
CFPB’s ‘To Do’ List Grows as Election Looms
BloombergBNA, Jan. 25, 2016–Bater, Jeff (Banking Daily)
The Consumer Financial Protection Bureau is running out of time before the 2016 election could bring a possible change in direction–or an entirely new structure should Republicans take the White House.
Citizen CEO on How TRID Blocked Its Progress
HousingWire, Jan. 25, 2016–Swanson, Brena
Originally, Citizens Financial Group planned to add 350 mortgage lenders, giving it a total of 700, by the end of 2016. But the goal failed to fully account for the impact of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule that went into effect in October.
J.P. Morgan to Pay $1.42 Billion to Settle Most Lehman Claims
Wall Street Journal, Jan. 25, 2016–Fitzgerald, Patrick
J.P. Morgan Chase & Co. has agreed to pay the remnants of Lehman Brothers Holdings Inc. $1.42 billion in cash to settle most of the failed investment bank’s lawsuit over claims that J.P. Morgan illegally siphoned billions of dollars from Lehman before its collapse.
J.P. Morgan Settles with Ambac for $995 Million
Wall Street Journal, Jan. 26, 2016–Hufford, Austen
In the latest settlement stemming from the financial crisis, J.P. Morgan Chase & Co. agreed to pay bond insurer Ambac Financial Group Inc. $995 million to settle lawsuits alleging it misrepresented the quality of mortgages backing hundreds of securities it insured.
Housing Regulator Closes Loan Loophole Used by REITs
Wall Street Journal, Jan. 12, 2016–Light, Joe
The Federal Housing Finance Agency said so-called captive insurance companies, which insure the risks of the companies that own them, no longer will be eligible for membership in government-backed federal home loan banks. Mortgage Bankers Association President David Stevens said the rule “removes a vital component of the FHLBank membership which provides liquidity for the real estate finance market.”
Captive Insurance Companies To Lose Federal Home Loan Bank Membership
Wall Street Journal, Jan. 12, 2016–Light, Joe
A top federal housing regulator on Tuesday shut the door on mortgage investors who had been using a loophole to access low-cost, government-backed financing.
There’s Still Time to Fix Fannie and Freddie
HousingWire, Jan. 12, 2016–Dalton, John
The author, president of the Housing Policy Council, said it remains possible to move from the government-sponsored enterprise model and create a stronger secondary market system.
HUD Accuses California Foreclosure Rescue Companies of Scamming Hispanics
HousingWire, Jan. 12, 2016–Lane, Ben
A trio of California foreclosure rescue companies targeted Hispanics with fake loan modifications, offering the false promise of mortgage relief in exchange for thousands of dollars, HUD alleged Tuesday.