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A recent New York Times article entitled “Down Payment Rules Are at Heart of Mortgage Debate” reported that “lenders and consumer advocates — rarely on the same side of the issue — are now cautioning against down payment requirements.” Cited … read more
The Consumer Financial Protection Bureau (CFPB) promises its new “qualified mortgage” regulation will “protect consumers from irresponsible mortgage lending.” Twenty years ago, Congress passed the inaptly named 1992 “Federal Housing Enterprises Financial Safety and Soundness Act” and promised it would … read more
The Wall Street Journal’s Nick Timiraos reports that Federal Housing Finance Agency Acting Director Edward DeMarco has proposed raising Fannie/Freddie mortgage insurance premiums to cover losses in five states with excruciatingly slow judicial foreclosure processes. Consumer advocates, predictably, are outraged. … read more
