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Home | News | Government (page 20)

CFPB Assesses Effectiveness of Mortgage Servicing Rule

Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the RESPA mortgage servicing rule, and will issue a report of their assessment by January 2019. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Among other things, the RESPA mortgage servicing rule requires servicers to follow certain procedures related to loss mitigation applications and communications with borrowers.

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Hensarling Pushes Through Financial CHOICE Act

Despite a contentious hearing earlier this week, today, the House Financial Services Committee voted to advance H.R. 10, or the Financial CHOICE Act, to a full House vote. The CHOICE Act, which was proposed by Rep. Jeb Hensarling (R-Texas) as a replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act. Today's vote followed party lines, with the final vote coming down to 34 to 26.

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Fed Nixes Rate Hike in May Meeting

The Federal Open Market Committee opted to keep the federal funds rate as-is during its May meeting. The FOMC raised the rate in March from 0.75 to 1 percent. It was largely expected that the FOMC would raise rates at least two more times over the course of 2017.

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CFPB Attempts to Deny Constitutionality Ruling Fast-Track

The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure. Ocwen had previously stated its opinion of the CFPB’s structure, saying in a release that it “believes that the CFPB is unconstitutionally structured, because it vests too much unfettered power in the hands of the CFPB’s Director and the Bureau itself, without any meaningful oversight by the President or Congress”

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Freddie to Pay $2.2B in Dividends for Q1

Though Freddie Mac’s net income was lower this quarter than last, the GSE will still pay $2.2 billion in dividends to the U.S. Treasury for this quarter, according to its recent financial results report. The agency saw single-family revenues, purchase volumes, and mortgage-related investments all decline for Q1. These declines, according to Freddie Mac CEO Donald Layton, were due to steady interest rates and low market spreads

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CHOICE Hearing Highlights Political Divide

The House Financial Services held its second hearing on the Financial CHOICE Act today, and what resulted was a deepening of party lines. Heated arguments between representatives on both sides of the aisle took place, with one Democrat even calling the bill the "Wrong Choice Act."

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Government Loans Up for 27th Month

Volume of government-backed purchase loans rose by 10 percent in January, despite an uptick in mortgage rates. RHS loans far outpaced other categories, with FHA comprising the smallest segment. The number of first-time buyers also rose, increasing 11 percent over the year.

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Mnuchin: ‘I’m Committed to Housing Reform’

In an interview with Fox Business on Monday, Secretary of the Treasury Steven Mnuchin said he is committed to GSE reform--and that it might not include privatizing Fannie or Freddie. The main goal of the Trump administration, according to Mnuchin, is to provide "ample credit for housing" without putting taxpayers at risk. On the fate of the GSE's, Mnuchin said, "We’re committed to not leaving them as-is for the next four years."

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Fannie Portfolio Sees Monthly Jump

Fannie Mae’s gross mortgage portfolio increased at a compound annualized rate of 0.1 percent in March. In February, it decreased at an annualized rate of nearly 17 percent. Total aggregate unpaid principal balance on the GSE's mortgage portfolio was just under $269 billion—up about $30,000 over the month.

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The Week Ahead: Taking a Look at the Financial CHOICE Act

On Tuesday at 10 a.m. EST, the Financial Services Committee will meet for the markup of the Financial CHOICE Act. Financial Services Committee Chairman Jeb Hensarling (R-Texas) had introduced the Financial CHOICE Act on Wednesday of last week as an alternative to the Dodd-Frank act. “The Financial CHOICE Act guarantees that the era of big bank bailouts and ‘too big to fail’ is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling.

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