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DSNews Webcast: Monday 6/29/15

Witnesses presented new evidence at a recent House Subcommittee hearing that the Consumer Financial Protection Bureau discriminated against its employees and retaliated against the whistleblowers. Thursday's hearing was the fourth in which the CFBP's employees or former employees have testified of discrimination and retaliation within the Bureau since the investigation of such allegations began in April 2014. In two of the previous hearings, CFPB Director Richard Cordray promised to take appropriate action when questioned about the Bureau's alleged unacceptable workplace environment.

Witnesses at the hearing testified that the unacceptable behavior of discrimination and retaliation has gotten worse the CFPB despite the Committee's urging of the director to take action, and the Committee determined that greater accountability and oversight from the Bureau is needed based on new evidence that indicates a culture of discrimination and retaliation at the CFPB. Witnesses also testified that any action the CFPB has taken to address the issues has been ineffective and insufficient.

The U.S. District Court for the District of Nevada ruled this week that homeowners' associations that attach super-priority lien status to mortgage loans cannot foreclose non-judicially on mortgages backed by Fannie Mae and Freddie Mac. Judge Gloria Navarro ruled that federal law prohibits a state-law HOA foreclosure from extinguishing a first deed of trust that is guaranteed by one of the government-sponsored enterprises. Currently, 22 states allow HOAs to attach super-priority lien status to mortgages.

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