Links in “Lending”

Bipartisan group of legislators write letter to FDIC and OCC expressing concerns that efforts to crackdown on illegal payday lenders are having undue consequences on legitimate customers that have successfully banked for decades. [3/31]

A judge recommends dismissal of case against Bank of America for allegedly misleading investors about the quality of $850 million in mortgage loans. It would be the first for about a dozen companies targeted under FIRREA. [3/31]

Report notes improvements in the fourth quarter of 2013 with 91.8% of mortgages current compared to 89.4% in 2012 and delinquencies at lowest level since 2008. New foreclosures down and home retention actions outpaced home forfeiture actions 3 to 1. [3/28]

The Illinois Attorney General files suit against a small loan lender alleging violations of Dodd-Frank. This appears to the first lawsuit of its kind file by a state attorney general. [3/27]

Today, CUNA Chief Economist Bill Hampel and General Counsel Eric Richard are engaging in a dialogue about housing finance reform at the White House. They will represent credit unions and present the request that credit unions still be able to participate in the secondary mortgage market. [3/26]

Speaking at a forum, investment banker Christopher Whalen says that new regulations are discouraging lending, causing loan portfolios to decline steadily. The housing sector is not repaired, despite rising prices, which are largely a function of a limited supply and high demand. [3/26]

CFPB attention on payday lending zeroing in on "loan sequences," a series of loans taken out within 14 days of repayment of a prior loan. [3/26]

NCUA confirmed to CUNA that member business lending is on the review calendar for this year—after CUNA issued a letter on the subject. Matz says that NCUA has been "carefully studying the current rule," and NCUA will come to a consensus as to possible changes. [3/25]

CFPB's Cordray's remarks on released report focuses on negative impact of payday lending citing both report findings and actual examples and notes various actions taken by Bureau against large payday concluding that Bureau is "in the late stages of our considerations about how we can formulate new rules to bring needed reforms to this market." [3/25]

The deal settles lawsuits by the Federal Housing Finance Agency over loans sold to Fannie Mae and Freddie Mac. The Swiss lender was among 18 lenders sued by the FHFA to recoup losses on $200 billion in mortgage backed securities. [3/24]