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One of the witnesses at the hearing, Dean and Professor of Law at the University of Virginia School of Law Paul G. Mahoney, said a consequence of Dodd-Frank will be fewer and larger banks in the United States, because Dodd-Frank has layered on "costly new regulations that the large banks can afford but smaller ones cannot."

In his speech, Watt highlighted that the FHLBanks are an important part of home financing, in that they provide a source of funding and access to the secondary mortgage market and other services to member institutions, especially smaller institutions that have little access these services.

"If big financial institutions know they can get cheap cash from the Fed in a crisis, they have less incentive to manage their risks carefully - which further increases the chance of another financial crisis," Warren said. "This bill would make our financial system safer and help level the playing field between the megabanks and their smaller competitors."

The study also shows that both, consumers with student loans and without loans were affected by the changes in the economy and shifts in credit access. Consumers ages 18 to 29 with credit obligations like mortgages, credit card, and auto loans declined significantly between 2005 and 2012.

The REO cash sales share percentage of 59.8 for February still has not completely recovered from what was termed a seasonal decline from November, when fell from 61.1 percent to 58.4 percent, though it did move back up to 60 percent for January.

Arbitrators from the Financial Industry Regulatory Authority (FINRA) awarded the $80 million compensatory request to NAB plus interest amounting to approximately $20 million, according to reports, bringing the total amount Goldman was ordered to pay up to approximately $100 million.

Nevada was one of the states affected most by the crisis. In response to the housing crash, back in 2009 the Nevada legislature created a Foreclosure Mediation Program. The members of a subcommittee of the Nevada Legislature recently voted to recommend the elimination of the program, however, after determining that the housing market has sufficiently recovered.

"Far from presenting systemic risk to the U.S. economy, MetLife is a source of financial stability," a spokesman from MetLife said in an email to DS News. "We strongly disagree with the arguments laid out by the government in its brief and look forward to responding in court next month."

A similar bill was re-introduced in the Ohio State House of Representatives last month by Cheryl Grossman, a Republican, and Michael Curtin, a Democrat. Among other provisions, Ohio HB 134 allows the mortgagee to bring a summary foreclosure action against a vacant and abandoned residential property.

Senator Jack Reed (D-Rhode Island) has reportedly included in the draft of the legislation a provision that would make the appointment of the president of the Federal Reserve Bank of New York subject to Senate approval. Currently, the president of each of the 12 regional Federal Reserve Banks is selected by a search committee and subject to approval of the Federal Reserve Board of Governors.