Housing Affairs Letter

Fair Lending

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CFPB Closes In On Section 8 Violations

Mortgage lenders are now on official notice to accept Section 8 housing vouchers as legitimate earnings when calculating the ability of a prospective borrower to meet mortgage loan payments.

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Final Rule For New Mortgage Forms

A final rule outlining what the Consumer Financial Protection Bureau (CFPB) demands from residential lenders in its new mortgage disclosure forms has lenders scrambling for a strategy to modify it. The rule is a culmination of a two and a half year effort to write rules that would not upend the banking industry

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Cities Press Banks On Lending To Poor

Legislation requiring banks that hold city government deposits to provide detailed accounts of their lending practices in poor neighborhoods gets approval in three major cites and scrutiny in four others.

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CFPB Will Punish Servicers For Missteps

Richard Cordray wasted no time wielding the broad authority he inherited as the new director of the Consumer Financial Protection Bureau, its first official leader. Cordray targets mortgage servicing near the top of his list for reform by issuing a proposal for tough new rules for

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(BANK BIAS SETTLEMENT) Bank Settles Countrywide Bias Charges

Bank of America agrees to settle a fair-lending complaint against subsidiary Countrywide Financial for $335 million. The Justice Department alleged that Countrywide discriminated against black and Hispanic borrowers during the housing boom. The pattern and policy covers

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(MORTGAGE FINANCE) Financial Reform Broadened

Democrats leading negotiations regarding reform of the financial industry add a measure approved in the House in 2009 to create new restrictions on mortgage lending. The move adds more than

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(BANKING) Governor Mulls Lending Law

Legislation giving the Oregon attorney general the power to prosecute banks and lenders under the state's consumer protection laws is on Gov. Ted Kulongoski's desk after it cleared the state

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(COUNTRYWIDE) Countrywide Pays Florida Borrowers

More than 2,700 Countrywide Financial borrowers are sent a total of $16.9 million of foreclosure relief payments arranged in a settlement reached with the state attorney general about

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(PREDATORY LOANS) Fair Lending Unit At Justice

Responding to the plethora of predatory lending that helped lead the nation into its housing and economic crisis, the Justice Dept. creates a fair lending unit within its Civil Rights Division.

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(MORTGAGES) Mortgage Firms Under HUD Fire

HUD's inspector general issues subpoenas to 15 mortgage firms seeking information about failed home loans that resulted in claims against the Federal Housing Admin.'s mortgage insurance

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