Witnesses who testified at the hearing were Robert Cauldwell, President of the National Treasury Employees Union Chapter 335 and CFPB Examiner, and Florine Williams, Senior Equal Employment Specialist of the CFPB's Office of Civil Rights. Cauldwell went as far as to say the word "allegations" should be removed from the title of the hearing, because "discrimination and retaliation against CFPB employees is a fact."
Read More »Federal Court Rules HOAs Cannot Use ‘Super-Priority Lien’ to Foreclose on GSE-Backed Loans
Judge Gloria Navarro ruled in the case of Skylights LLC v. Byron that federal law prohibited a state-law HOA foreclosure from extinguishing a first deed of trust that is guaranteed by one of the government-sponsored enterprises.
Read More »Former FDIC Chair to Deliver Keynote Address at Women in Housing Leadership Forum
A renowned financial reform advocate, Bair was appointed by then-President George W. Bush to lead the FDIC in 2006 and stayed in that position for five years through the financial crisis. In her role as FDIC chair, Bair was one of the first officials to warn about the damage the subprime crisis would cause to homeowners and the economy.
Read More »Wells Fargo Leader Named Chairperson of National Mortgage Servicing Association
J.K. Huey, SVP of asset management and preservation with Wells Fargo Home Mortgage, has been appointed the chairperson of the Five Star Institute National Mortgage Servicing Association (NMSA), according to an announcement from Five Star.
Read More »Home Value Forecast Examines Criteria for Institutional Investor Purchases
The single-family REO-to-rental market is being consolidated seven years after the crash as some investors are still looking to profit, while others are taking advantage of economies of scale. ProTeck concluded there will always be a need for rental properties, and there will always be a need for investors to purchase those properties.
Read More »Mortgage Performance Improves Across the Board For Eight National Banks
Foreclosure activity declined substantially year-over-year in Q1. The number of properties in the process of foreclosure as of the end of the quarter dropped down to 299,424, a decline of 30.8 percent from the same quarter a year earlier. The nearly 300,000 loans in the process of foreclosure during Q1 comprised about 1.3 percent of the loans in the portfolio.
Read More »Democratic Senators Call For Investigation of Possible Discrimination in REO Maintenance
The Senators cited a recent report by the National Fair Housing Alliance (NFHA) which alleged that REO properties in minority-dominated neighborhoods were more than twice as likely to have deficiencies such significant amounts of trash and debris, and unsecured, broken, or damaged doors than REO properties in predominantly white neighborhoods.
Read More »U.S. Supreme Court Rules Disparate Impact Claims Are Allowed Under Fair Housing Act
The U.S. Supreme Court ruled on Thursday by a 5-4 vote in the case of Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc. that disparate impact claims can legally be brought about under the Fair Housing Act of 1968.
Read More »Fed Vice Chairman Speaks On Evolution of Supervisory Stress Tests
Even though the Fed's approach to stress testing has evolved in the last six years, some elements of the original SCAP remain in the stress tests conducted by the Fed today, such as supervisory stress scenarios applicable to all firms; defined consequences for firms that are deemed to be insufficiently capitalized; and public disclosure of the stress test results, according to Fischer.
Read More »Spring Homebuying Season Pushes Half of States Into ‘Stable’ Housing Market Range
Freddie Mac's report of more stabilization nationwide in the housing market was right in line with the GSE's economic outlook for June 2015, released just one day earlier, which showed that Americans may be ready to take on more mortgage debt due to low debt servicing costs and improved household balance sheets.
Read More »