Housing advocates ask the nation's top regulators to look into alleged pro-foreclosure campaigns on the part of investors, and a bill calling for more transparency from the CFPB passes in the House by an overwhelming majority — ahead on Thursday's news wrap.
A group of non-profit housing industry leaders and advocates have written a letter to the top housing regulators in the U.S. asking them to investigate alleged pro-foreclosure campaigns on the part of Wall Street investors. The letter, dated April 15, is addressed to Department of Treasury Secretary Jack Lew, Federal Housing Finance Agency Director Mel Watt, and Consumer Financial Protection Bureau Director Richard Cordray.
Ten housing groups signed the letter, which asks the regulators to investigate some of the largest hedge funds, mortgage bond traders, and insurance companies for allegedly attempting to push borrowers into foreclosure instead of steering them toward loss mitigation plans. The letter accused certain Wall Street investors of initiating pro-foreclosure campaigns, therefore contradicting the 2012 National Mortgage Settlement negotiated by the U.S. Justice Department and Attorneys General in 49 states. The letter closed with the housing groups requesting a meeting with regulators to discuss the issues presented.
H.R. 1265, a bill calling for more transparency from the Consumer Financial Protection Bureau, passed in the U.S. House of Representatives by the vote of 401 to 2 earlier this week. The bill, better known as the Bureau Advisory Commission Transparency Act, was introduced by Representative Sean Duffy, a Republican from Wisconsin, on March 4 with co-sponsors Randy Neugebauer and Andy Barr. The bill calls for each advisory committee and subcommittee of the CFPB to be subject to the provisions of the Federal Advisory Committee Act, making the proceedings of those committees open to the public.
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