By a 231-195 vote, the House yesterday passed an amendment to a government spending bill that would prevent the use of disparate impact analysis by the Department of Housing and Urban Development under the Fair Housing Act.
Eighty percent of bankers expect that the Consumer Financial Protection Bureau’s mortgage rules will continue to constrict mortgage credit, according to the results of ABA’s latest Real Estate Lending Survey released today.
The Consumer Financial Protection Bureau yesterday issued a report describing several lenders’ reverse mortgage advertisements as confusing to seniors. Based on focus groups of seniors, the CFPB said several reverse mortgage ads inadequately disclosed that reverse mortgages are loans, offered incomplete or inaccurate information about loan terms and included illegible fine print.
ABA and several housing groups today urged the House to pass an amendment that would prevent the use of disparate impact analysis by the Department of Housing and Urban Development under the Fair Housing Act.
Consumer Financial Protection Bureau Director Richard Cordray told members of Congress yesterday that when enforcing the TILA-RESPA integrated mortgage disclosures starting on Aug. 1, the bureau would be “sensitive” to good-faith efforts by lenders to comply.
With the Aug. 1 TILA/RESPA integrated disclosure implementation date approaching soon and members facing questions about the complex new requirements, ABA has created a webpage dedicated to TRID frequently asked questions.
The Supreme Court today ruled unanimously against borrowers who sought to void second mortgages in Chapter 7 bankruptcy when their houses were worth less than the balance owed on the first mortgages. ABA filed a friend-of-the-court brief in the cases — Bank of America v. Caulkett and Bank of America v. Toledo-Cardona¬ — arguing that the lower court rulings allowing junior liens to be “stripped off” did not align with previous Supreme Court rulings and would cause widespread disruption in housing markets.
The Federal Home Loan Banks of Seattle and Des Moines, Iowa, today announced that their merger is complete. The combined entity, serving nearly 1,500 financial institutions in 13 upper Midwestern and northwestern states plus Pacific island territories, remains headquartered in Des Moines.
First Tennessee Bank admitted to originating and underwriting loans that were not eligible for Federal Housing Administration insurance.