One Way Down

As will be evident in our forthcoming in-depth analysis, the CFPB’s fusillade last week on mortgage-finance could have far-reaching implications for the entire market based on how far it takes its new campaign for equitable housing finance and whether the market is willing to come along on at least some of the agency’s new ideas.  And, of course, the Bureau could well follow up an implicit threat to force new mortgage products if the industry proves unwilling to comply with its social-justice vision.  It will take months, if not years, to finalize many of the rules outlined in the RFI, but this schedule is subject to change without notice if the Bureau decides to rewrite mortgage finance by edict, not administrative process.  Indeed, new CFPB enforcement actions tackling refi-borrower risks seem imminent.  FHFA and/or HUD action to support or even mandate some of the CFPB’s ideas would also be radical redesign in one heck of a hurry.

GSE-092622.pdf

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