The purpose of Thursday's hearing, titled "The Future of Housing in America: The Oversight of the Department of Housing and Urban Development," is "to examine HUD and its programs," according to a memorandum from the Committee.
Read More »House, Senate Democrats Introduce Bill To Provide Regulatory Relief, Consumer Protection
New legislation will also allow banks and credit unions that have less than $10 billion in assets relief from the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage rule, the committee members said. This will exempt certain loans from its requirements as long as these intuitions do not sell or securitize those loans.
Read More »House Committee Issues Subpoenas to DOJ, Treasury, New York Fed
The Committee is accusing the U.S. Department of Justice, the Treasury Department, and the Federal Reserve Bank of New York of obstructing active investigations by withholding crucial information. According to the Committee's announcement, the three agencies were warned that their failure to comply with the Committee's request to turn over the information would result in the issuance of subpoenas.
Read More »House Subcommittee to Hold ‘Dodd-Frank Act and Regulatory Overreach’ Hearing
The Oversight and Investigations Subcommittee will convene on that day to discuss the controversial piece of legislature, which was enacted in 2010 in response to the financial crisis. The Chairman of the Oversight and Investigations Subcommittee, Representative Sean Duffy (R-Wisconsin), has been an outspoken critic of Dodd-Frank.
Read More »House Subcommittee Chair Pushes for Main Street Regulatory Relief
U.S. Representative Randy Neugebauer (R-Texas) on Wednesday urged his colleagues in the House to adopt legislation to ease the regulatory burdens on non-depository financial institutions in his opening statement of a House subcommittee hearing. In the Financial Services Subcommittee on Financial ...
Read More »Lawmakers Ask CFPB to Delay Enforcement of TILA-RESPA
Two Republican lawmakers have written a letter to the Consumer Financial Protection Bureau director asking for the delay of the combined Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure forms.
Read More »House Committee Approves Bills to Provide Regulatory Relief for Banks
Hensarling noted the 11 bills passed by the Committee had bipartisan support and had previously been approved by either the Financial Services Committee or the House of Representatives during the 113th Congress. However, none of the bills came up for a vote in the Senate, which was then under Democratic control.
Read More »Mortgage Insurer Compares FHA With Private Market at Congressional Hearing
If a loan defaults, FHA covers virtually 100 percent of loss, while MI covers first losses down to a stated coverage percentage. FHA’s policy may provide less incentive to ensure that loans are underwritten and serviced in a sensible and sustainable way, while MI’s policy may create a stronger incentive to better underwriting and good servicing, according to Gupta.
Read More »Castro Responds to Questions About Effects of Defaults
While most Republican lawmakers grilled HUD Secretary Julián Castro on the recent lowering of the FHA mortgage insurance premiums and FHA's MMI Fund Wednesday during his testimony to the House Financial Services Committee, Representative Mia Love (R-Utah) opted to cover a different subject: defaults and their potentially negative effect on their respective neighborhoods.
Read More »Castro Optimistic About Future MMI Fund Growth, Defends Lowering of Premiums
In his first time to testify before Congress since being named HUD Secretary last July, Julián Castro on Wednesday defended the decision to lower FHA mortgage insurance premiums and predicted that the agency's Mutual Mortgage Insurance Fund would exceed the required 2 percent ratio within two years.
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