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Home | News | Government

U.S. Attorneys Preparing Civil Suit Against Former Countrywide CEO

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The central figure at one of enduring images of the financial crisis is potentially facing the latest in a series of attempts to hold him responsible for some of the events leading to the economic downturn. U.S. attorneys in Los Angeles are preparing a civil lawsuit against former Countrywide Financial CEO and co-founder Angelo Mozilo

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Residential Construction Activity Increases

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Residential construction is on its way up, with building permit authorizations for privately owned housing units increasing by 8.1 percent from June to July and rising 7.7 percent from July 2013, according to data released on August 19 by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.

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CFPB Warns Servicers to Follow Loan Transfer Rules

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The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being harmed during loan transfers.

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CFPB Raises Loan Thresholds For 2015

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The Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans. The new rule, published in the Federal Register on Friday, updates the limits on points and fees that loans must meet in order to fit the QM definition and be considered a "safe" loan.

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FHA Officer to Join CFPB

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The Federal Housing Administration (FHA) will be losing another officer when Patricia McClung, senior single family housing policy adviser at FHA, joins the Consumer Financial Protection Bureau (CFPB) next month as the assistant director of mortgage markets. Earlier this week, FHA commissioner Carol Galante announced her intention to step down from her post at the end of the year.

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