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  • Ocwen2.71-0.08 -2.87%
  • Zillow40.44-0.41 -1.00%
  • Trulia47+0 +0%
  • NationStar17.06-0.08 -0.47%
  • CoreLogic45.60+0.24 +0.53%
  • RE/MAX60.80+0.20 +0.33%
  • Fannie Mae2.81+0.08 +2.89%
  • Freddie Mac2.73+0.10 +3.80%
  • Wells Fargo52.695-0.155 -0.293%
  • CitiMortgage67.88-0.09 -0.13%
  • Bank of America24.295-0.175 -0.715%
  • Fidelity National Financial48.28+0.53 +1.11%
  • First American49.02+0.48 +0.99%
  • Black Knight Financial Services42.40+0.35 +0.83%
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  • USDJPY=X110.0810-0.5040 -0.4558%
Home | News | Government (page 10)

CFPB Gets a Win in Ocwen Case

Ocwen Financial Corporation sued the Consumer Financial Protection Bureau in late April claiming Ocwen had failed borrowers in every stage of the mortgage servicing process. Though the two went back and forth about getting the ruling on the CFPB’s constitutionality expedited, ultimately the request was denied. Ocwen's bid to test the constitutionality of the CFPB has now been delayed.

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Carson Speaks: Clarifies State of Mind Comments

Secretary of Housing and Urban Development Ben Carson, in an interview with NPR, has attempted to clarify last month’s controversial comment that “poverty is a state of mind.” Carson has received extensive criticism from housing advocates and the media for his comment in what has been deemed insensitive in light of proposed budget cuts to the Secretary’s department. Carson defended his position by stating that while he did say that the way a person thinks is a factor in getting out of poverty, he did not say it was the only factor, or that simply wishing away poverty was enough to get a person out of it.

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The Week Ahead: Reform to Dodd-Frank

The House will vote on the Financial CHOICE Act, a Dodd-Frank “off-ramp”, this coming Wednesday. Republicans proposed this reform to the financial system in mid-April to free the U.S. from government micromanagement when it comes to excessive regulations on the financial system. See what else will take place in the upcoming week here.

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Lehman’s Brothers Holdings: 2.4 Billion Bankruptcy Offer Accepted

Fourteen investors announced Friday that trustees accepted the settlement offer from the Plan Administrator for Lehman Brothers Holdings Inc., a global financial services firm that declared bankruptcy in 2008. The announcement is said to be an important step in resolving the Lehman RMBS claims. The settlement will payout a minimum of $2.4 billion, subject to a judges approval.

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Less Directive to Bank Boards as the Fed Steps Back

On Thursday, Federal Reserve Governor Jerome Powell went on record saying the Fed plans on reviewing some of what he believes are the more outdated rules mandated by the Dodd-Frank act. Banks’ board of directors could see a relief of some of the day to day responsibilities and concentrate more on big picture if Powell is successful. Banks may also see more transparency in the CCAR, something a majority of the industry has been requesting for years.

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Poor Job Numbers Increase Odds of Rate Hike

The Department of Labor released its May 2017 Employment Situation Friday reporting changes in household and establishment survey data. Total nonfarm payroll employment increased, however unemployment rates were fairly stagnant. Experts predict this discouraging report could mean rate hikes in 2017’s future.

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Secretary Carson Makes Rounds During Homeownership Month

HUD Secretary Ben Carson is preparing for a big June as he kicks off the newly proclaimed National Homeownership Month with a forum at his own agency today. He’ll also go before Congress next week to discuss potential HUD budget cuts via Trump’s recent 2018 budget blueprint, which slashes the agency’ funding by more than $6 billion. The cuts will also significantly reduce HUD’s rental assistance program, which Carson recently discussed in a Sirius XM radio interview.

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Loan Processing Could Slow Due to Appraiser Shortage

Due to a shortage of licensed and certified appraisers, major national financial regulatory agencies have issued an advisory to help reduce delays in the consideration of loan applications in rural communities. Since loans cannot be executed without appraisals, the advisory outlines two options to remedy the problem. The FDIC has suggested that states issue temporary practice permits and engage in reciprocity, or that effected institutions submit a request temporary waivers to set aside licensing requirements.

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Reverse Mortgage Complaints Common for Older Americans

The latest CFPB Monthly Complaint Report shows older Americans face a unique set of financial difficulties compared to their younger counterparts. The group regularly cites reverse mortgage concerns—specifically servicing issues and difficult changing loan terms—when lodging complaints with the CFPB. Older Americans also cite financial scams, confusion around deferred- and zero-interest credit cards, and being charged unauthorized add-on products as frequent financial complaints.

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Carson: The Right Mindset Can Overcome

According to HUD Secretary Ben Carson, with “the right mindset,” many of the low-income citizens using his department’s services could cease to need them. Carson said as much in a recent radio interview, when he talked poverty, housing, and the role the government should play in both. The interview comes on the back of President Trump’s recent 2018 budget blueprint, which includes more than $6 billion in cuts to the HUD budget.

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