New York City Mayor Zohran Mamdani is ramping up efforts to protect homeowners in creating the city’s first office focused solely on deed theft. Processing Content The Office of Deed Theft Prevention, which will be led by local attorney Peter White, will flag suspicious real estate filings, improve data sharing across agencies and conduct public […]
First deed theft office opened by NYC Mayor Mamdani Read More »
Key insight: Cyber risk and the potential for an economic downturn are the leading concerns amongst bankers surveyed by fintech IntraFi. Supporting data: Cyber risk topped bankers’ concerns, with 29% of respondents citing cyber as a top concern, followed by 22% for an economic downturn and 17% for risks related to continuity at the Federal
Bankers most worried about cybersecurity, economy: Survey Read More »
Key insight: The Department of Justice will close its investigation into Federal Reserve Chairman Jerome Powell related to his comments regarding building renovations to the Fed’s Washington headquarters, a probe even many Republicans found baseless. Forward look: The conclusion of the probe clears the way for Sen. Thom Tillis, R-N.C., to vote to confirm Kevin
Justice Department to drop Powell investigation Read More »
Wells Fargo’s mortgage lending patterns exhibit racial disparities that hurt minority families, multiple activist organizations say. Processing Content The mega bank denied Black, Latino and Asian mortgage applicants roughly twice as frequently as white applicants, according to a new study that analyzed almost 25,000 North Carolina mortgage applications and more than 16,000 loans at Wells
Study finds racial gaps in Wells Fargo mortgage denials Read More »
Key takeaway: The current Basel III capital proposal does not explicitly include mortgage insurance as a factor in determining a loan’s risk weight, but seeks industry input on the potential benefits and drawbacks of doing so, leaving the door open to possible changes. Expert quote: “There are like 50 reasons why banks don’t want to
Banks question Basel omission of PMI in mortgage weights Read More »
Key insight: Republicans and Democrats alike touted the ability of credit risk transfers to spread risk around the financial system during a hearing Wednesday, with lawmakers especially supporting the tool’s utility in housing finance and for Fannie Mae and Freddie Mac. Forward look: No specific legislation was under consideration during the hearing, but lawmakers’ discussions
Credit risk transfers earn bipartisan praise Read More »
Federal regulators announced today that they are taking steps to spur competition and legislatively mandated modernization in credit scoring. Processing Content Freddie Mac has already tested $10 million in loan sales involving use of VantageScore 4.0 and Fannie Mae also now is offering to buy loans on this basis, according to Bill Pulte, head of
Fannie, Freddie, FHA to accept VantageScore immediately Read More »
Processing Content Key insight: Treasury Secretary Scott Bessent backed the president’s call in his 2027 budget for a 60% reduction to the Community Development Financial Institution Fund, arguing it had a “partisan agenda.” Supporting data: The president’s budget cut more than $204.5 million from the fund’s budget for fiscal year 2027. Expert quote: “They’re sustaining
Bessent says CDFI Fund ‘had lost its way’ Read More »
Key insight: The CFPB claims that the Equal Credit Opportunity Act does not include statutory language that would allow for a so-called “disparate impact” test for instances of unintended discrimination. What’s at stake: The changes don’t let lenders off the hook entirely. States such as California, Massachusetts and New Jersey maintain strict anti-discrimination rules, creating
CFPB finalizes new ECOA rule in major fair lending pivot Read More »
Key takeaway: Federal Reserve Gov. Christopher Waller said he wants to consolidate the corporate functions of the 12 regional banks under one structure and create a role to oversee them. Expert quote: “Autonomy is a virtue, but not when it produces costly duplication that serves no one. We owe this to the American people we
Fed’s Waller calls for consolidating regional bank operations Read More »