#refinancing

27 09, 2023

DAILY092723

2023-09-27T16:36:21-04:00September 27th, 2023|2- Daily Briefing|

FinCEN Bows to BOI Pressure

Responding to bipartisan concerns, FinCEN today issued an NPR to extend the beneficial ownership information (BOI) report filing deadline from thirty to ninety days for companies created or registered in 2024.

Chopra Considering Refi, Point Rules

The CFPB today released its annual report on residential mortgage lending, finding that mortgage applications, originations, and affordability declined significantly in 2022 while costs, loan denials, HELOC originations, and the percentage of cash-out refinances all increased.

HFSC GOP Presses Gensler on Banking-Reg Cumulative Impact

During Chairman Gensler’s as-always contentious HFSC hearing today, Rep. Barr (R-KY) asked if the SEC is in consultation with the Federal Reserve regarding the combined CRE effects of recent SEC proposals and the Basel III endgame standards (see Client Report CAPITAL234).

Carstens Says Law Must Catch Up To CBDC

BIS General Manager Agustín Carstens today emphatically called for rapid development of clear CBDC legal frameworks based on defined rights and obligations for privacy, AML compliance, and user choice.

Daily092723.pdf

17 03, 2022

DAILY031722

2023-04-03T14:33:52-04:00March 17th, 2022|2- Daily Briefing|

Fed, FHFA Leadership Advance

As anticipated last night, the Senate Banking Committee yesterday advanced all the Fed nominations and that of Sandra Thompson as FHFA director.  However, Lisa Cook’s nomination was tied on a strictly partisan basis, meaning that it was not approved by Senate Banking but is nonetheless discharged to Senate Majority Leader Schumer (D-NY).

HFSC Hikes Array of Anti-Russia Sanctions

In the first of a series of markups, HFSC today approved 5 bills ramping up sanctions against Russia and Belarus.  The most controversial of them, H.R. 7080 (Waters, D-CA), would broaden FinCEN’s ability to obtain information about the transactions of Russian oligarchs in the US.

Chopra Uses Rate Hike to Press Competition Inquiries

Describing the CFPB as “the arm of the Federal Reserve System that is fully focused on consumers,” Director Chopra today issued a statement following yesterday’s rate hike.

Senate Democrats Take Turns Whacking Wells Fargo

Senior Democrats today took sharp issue with Wells Fargo’s refi lending, asserting it was discriminatory and seeking an array of data from the bank and action by federal agencies.  Senate Banking Chairman Brown (D-OH), Majority Whip Durbin (D-IL), and other senators called on HUD and the CFPB to investigate findings in a recent Bloomberg story, confining their comments to a general attack on discrimination without setting a date for a reply or any specific matters the agencies are to review.

Daily031722.pdf

24 01, 2022

GSE-012422

2023-04-21T14:29:12-04:00January 24th, 2022|4- GSE Activity Report|

The Processing Problem

A new Federal Reserve Bank of Atlanta study adds another element to those prior research argues are evidence of widespread racial discrimination in U.S. mortgage finance.  It adds processing speed to the list of discriminatory practices that now is said to include denial disparities, pricing, and refi rates.  The paper’s findings cast particular aspersions on loans originated for the GSEs, but it does so at a time when PLS distorted the market in terms of both underwriting and processing speed.  Its conclusions that GSE practices exacerbated discrimination and that processing times added to the problem are not, in our view, clearly validated by the data, which suggest to us that processing speed is an artifact of other market factors (e.g., discriminatory steering by some lenders, GSE AU and put-back power).

GSE-012422.pdf

22 12, 2021

Daily122221

2023-05-22T13:38:02-04:00December 22nd, 2021|2- Daily Briefing|

Waters Demands McWilliams Justify RFI Blockade
As promised last week, HFSC Chairwoman Waters (D-CA) today formally requested that FDIC Chair McWilliams advise the committee of the legal authority on which she relied to prevent issuance of the merger RFI (see FSM Report MERGER9).

FHFA Strengthens Affordable-Housing Goals
FHFA today finalized the GSEs’ affordable-housing goals, keeping single-family goals as proposed for 2022-2024. Fannie and Freddie both supported the single-family benchmarks, with Fannie in fact supporting even higher ones.

Daily122221.pdf

21 12, 2021

Daily122121

2023-05-22T13:54:21-04:00December 21st, 2021|2- Daily Briefing|

FHFA: Upfront G-Fee Decrease Leads Overall Decline
As required by law, FHFA today reported on Enterprise single-family g-fees in 2020, finding that these fell an average of 2bps points across all loan products compared to 2019.

CFPB Exercises All Its Might in New Enforcement Action
Continuing to strengthen its enforcement posture under Director Chopra, the CFPB today announced it is entering an order against LendUp Loans due to discriminatory lending and other illegal practices that will effectively shutter the company.

Daily122121.pdf

2 12, 2021

FedFin: Going Down?

2023-05-23T13:59:59-04:00December 2nd, 2021|The Vault|

Two recent studies add fuel to the fire we first spotted late last year: demands for ARMs that only go down.  Director Thompson’s latest scorecard combines with her equitable-finance mission to make this option a top political priority even if its market feasibility remains at best uncertain.

The full report is available to subscription clients. To find out how you can sign up for the service, click here.…

18 10, 2021

Daily101821

2023-06-07T15:45:43-04:00October 18th, 2021|2- Daily Briefing|

Quarles Takes FSB Victory Lap
Speaking as he heads toward the end of his term as FSB chair, FRB Gov. Quarles today applauded the FSB for all the work it did to ensure financial stability during the pandemic.

Fed Researchers Conclude U.S. Regulatory Perimeter More Permeable Than Ever
A new Fed staff note builds on a major recent research paper to assess the U.S. regulatory perimeter. It concludes that the debate between entity- and activity-based regulation is a “red herring” in the U.S., urging an “if you do, you are and because you are, you do” approach.

BIS Advances CBDC, Payments Projects
In remarks today, BIS Managing Director Carstens reinforced the benefits of ongoing global work to advance CBDCs, focusing in particular on the BIS Innovation Hub’s recent project on CBDC cross-border settlement and the retail-facing construct (see Client Report CBDC6) endorsed last week by the G7.

OCC’s Libor Assessment Addresses Benchmark Replacement
The OCC today provided national banks with an updated self-assessment tool to gauge their readiness for the end of LIBOR. While a self-assessment, the tool is also an important advisory as to issues about which examiners are likely to inquire.

FHFA Revises Refi Standards, Continues Capital and Mission Rewrite
In remarks today, Acting FHFA Director Thompson announced changes to the GSEs’ refi-underwriting standards aimed at expanding access for low- and moderate-income households.

 

Daily101821.pdf

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