House Committee Grills Cordray on QM, Mortgage Regulations
HousingWire | March 3, 2015
Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee on Tuesday afternoon for his semi-annual report to Congress. ALTA urges the bureau to announce a five-month restrained enforcement period so that new business processes can be adjusted to comply with these regulations. As with previous regulatory reform, only when the new forms are in practice will many issues and defects be discovered.
ALTA Warns New CFPB Forms Could Confuse Consumers
M Report | March 3, 2015
In his testimony before the House Financial Services Committee, CFPB Director Cordray stated the bureau is “committed to an even-handed approach to rulemaking that maintains important protections for consumers while listening to all stakeholders and making changes where appropriate. ALTA believes the CFPB’s TILA-RESPA integrated disclosures will mislead the consumers and could create confusion.
Distressed Home Sales, Foreclosure Inventory Decline Substantially
DS News | March 3, 2015
Sales of distressed homes (REO and short sales) fell to their lowest level in seven years and foreclosure inventory dropped by 34 percent year-over-year in December 2014, according to CoreLogic’s February 2015 The MarketPulse report released on Tuesday.
Morgan Stanley has announced that the office of New York Attorney General Eric Schneiderman is planning to file a lawsuit against the company in regard to its securitization of sub-prime mortgages in the period leading up to the 2008 economic crash.
The company called attention to the pending lawsuit on page 38 of its 327-page 10-K regulatory filing with the U.S. Securities & Exchange Commission (SEC).
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