Government

NAFCU President and CEO Dan Berger wrote Cordray a letter Thursday asking the Director to exempt credit unions from certain rulemakings.

Republicans have always been critical of the controversial Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, but lately they have turned up the heat with their criticism as the Obama Administration winds down.

Financial markets in the U.S. are showing continued improvement as the year progresses, but Fannie Mae expects economic growth to remain flat, which could place a damper on the housing market.

Seventy percent of renters still believe that renting is more affordable than owning a home and 55 percent of renters plan to continue renting for at least the next three years, according to a Freddie Mac survey.

The FHA hopes this added clarity will appease banks and large lenders that have pulled out of the FHA loan program or implemented harsher credit standards fearing lawsuits and penalties over troubled loans.

CFPB Director Richard Cordray faced intense criticism from the committee's Republicans, particularly Chairman Jeb Hensarling (R-Texas), who said that Congress has made the Director a “dictator” and given him power that is “amazing, frightening, and tragic.”

The Federal Open Market Committee (FOMC) stood still Wednesday as all eyes in the mortgage industry awaited their announcement to leave the federal funds rate at its current level.

This credit risk transfer transaction is expected to reduce the risk borne by U.S. taxpayers and bring more private capital back into the mortgage market.

Home building rebounded this month with a surge in single-family home construction, inducing starts, permits, and completions, signaling newfound confidence in the housing market and economy.

Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, delivered a public address on Tuesday on the committee’s plan to offer what he terms a “bold and better” alternative to the Dodd-Frank Act, according to an announcement from the committee.