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The Consumer Financial Protection Agency (CFPB) does not provide guidance to the financial institutions it regulates. Instead it has evolved into a regime of "regulation by enforcement." At least that is the conclusion of a white paper written for the Mortgage Bankers Association by its counsel at the law firm of Covington & Burling, LLP. The paper, titled CFPB 2.0: Advancing Consumer Protection, looks at the performance of the agency during its first five years and takes a particularly jaundiced view of Director Richard Cordray's promises for the agency versus its perceived performance. "The CFPB has done well where it's developed rules that focus on the worst excesses of the pre-crisis market," said David H. Stevens, President and CEO of MBA. "However, the Bureau has too-often opted for
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Housing News
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The Consumer Financial Protection Agency (CFPB) does not provide guidance to the financial institutions it regulates. Instead it has evolved into a regime of "regulation by enforcement." At least that is the conclusion of a white paper written for th... (read more) |
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MBS Commentary
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Granted, the headline of today's commentary will be lost on those who aren't reasonably well-versed in Monty Python, but it was worth the risk to entertain the other 3 of you. The important part is that the phrase can be traced back... (read more) |
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Mortgage Rate Watch
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Mortgage rates moved higher today, despite resilience in underlying bond markets. If you were to ask bonds, they'd vote for rates remaining flat--well, sort of. There is a timing issue that I brought to your attention yesterday where mortgage lenders... (read more) |
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Rob Chrisman
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Florida is sometimes called, “God’s waiting room.” The area, tragically, has seen its share of destruction & death this month, but the airports are back up and running. “In the old days,” one would go to the airport ... (read more) |
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MBS Commentary
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We've been steadfast in characterizing this week's sell-off as a "correction" to the strong rally that preceded it. One might have argued that the risk-aversion trade at the end of last week was the last straw , pushing yields all the way down... (read more) |
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Mortgage Rate Watch
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Mortgage rates were steady to slightly lower on average today, confirming the end of a somewhat abrupt correction from last week's 2017 lows. In other words, rates rose quickly during the first days of the week and spent the last 3 days leveling off.... (read more) |
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consumerfinancemonitor.com
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