Media Reports on CFPB's Proposed Mortgage Rules

The Times article is here.  Some excerpts:

For the most part, both consumer advocacy and industry groups broadly supported the proposed rules.

“We do think that these forms are better, in part, because there is a more prominent disclosure on prepayment penalties,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending, a nonprofit group that works to end abusive financial practices.

However, Diane Thompson, a lawyer with the National Consumer Law Center, said that while she welcomed greater transparency in pricing for homeowners, she thought that the forms should emphasize clearly on the first page what the total cost of the loan would be, including interest, closing costs and principal.

The Mortgage Bankers Association, an industry group, said that lenders understood that faulty disclosures might have led homeowners to shoulder loans that they could not afford.

But David Stevens, the group’s president and chief executive, said that he worried that the 120-day public comment period could limit consumer advocates and mortgage lenders from conducting a thorough review, especially because the proposal was more than 1,000 pages long.

And from the Wall Street Journal:

Banks and other lenders, while supportive of the bureau's overall goals, have some reservations. The changes the consumer bureau envisions are "going to be incredibly, extremely difficult to implement," said David Stevens, chief executive of the Mortgage Bankers Association, citing the length of the proposal. "It is likely to add a whole new set of layers of significant complexity in a very difficult environment for lenders and consumers."

Comments

[STAN SCHEINMAN]

SIRS
HAS ANYONE COMMENTED ON THE TOTAL FAILURE OF THE CFPB TO HELP THE HERE AND NOW DEBTORS AGAINST FRAUD, DECEIT AND CORRUPT LEGAL PRACTICES OF THE MAJOR BANKS WHICH CONTINUES .TODAY
THESE NEW RULES CERTAINLY DO NOT UPSET THEM. ON THE CONTRARY THEY ARE ALL IN FUTURO .SO WHO CARES. IT DOESN'T HURT THE BOTTOM LIME

SOME TIME AGO THE CFPB ISSUED A HUGE MANUAL FOR THE AUDITING OF MORTGAGE SERVICER PRACTICES WHICH HAVE DEVASTATED FAMILIES ACROSS AMERICA
HAS ANYONE HEARD ABOUT THAT RECENTLY.?
HAS THE NEW HEAD OF THE COMPTROLLER OF THE CURRENCY WITHDRAWN THE DESPICABLE LEGAL OPINION FAVORING THE BIG BANKS BY UNDERCUTTING STATE REGULATORY ACTION CLAIMING PREEMPTION
HAS THE HEAD OF CFPB RAISED A VOICE FOR THE PUBLIC GOOD . HE IS COWED AND SCARED HE WILL LOSE FUNDING SO ITS "MR NICE GUY'TO THE BIG GUYS
ANOTHER REGULATOR WHO WILL NOT PERFORM AS ADVERTISED.
STANLEY B SCHEINMAN

[downtown orlando family law firm]

this was a long time coming.