Government

After months of solid gains with the administration touting that the labor market is at its healthiest level since the turn of the century, payroll employment increases for March fell well short of expectations with just 126,000 jobs added, according to data released the Bureau of Labor Statistics on Friday.

On an Investors Unite Conference call Wednesday, Isaac said while in the midst of the 2008 financial crisis the government used Fannie and Freddie to stabilize housing finance, the government’s current actions could cause another, potentially worse, crisis.

The toolkit was developed as a part of the CFPB’s “Know Before You Owe” mortgage initiative and helps consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.

In his speech, President Obama spoke of the important role the Consumer Financial Protection Bureau (CFPB) has played in helping the U.S. recover from the financial crisis. However, according to Councilman, in an effort to praise the CFPB, the president signaled out mortgage brokers as “unscrupulous.”

U.S. Sen. Mike Crapo (R-Idaho) brought forth a bill that would make the CFPB eligible for review under the 10-year regulatory review. Under the current rules, both the CFPB and Dodd-Frank are exempt from review.

The bill, introduced by Rep. Marsha Blackburn (R-Tennessee), seeks to “amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn, and for other purposes."

Sen. Elizabeth Warren (D-Massachusetts) said the GOP had put financial protections “in the center of the bull's-eye” with their new budget proposal. Warren, joined by Sens. Jeff Merkley (D-Oregon) and Al Franken (D-Minnesota), criticized the GOP budget Wednesday, targeting particular ire at a provision that calls for lawmakers to set the funding levels for the CFPB.

The House Financial Services Committee (HFSC) approved 11 bipartisan bills today, aimed at providing community banks and credit unions some regulatory relief. According to HFSC Chairman Jeb Hensarling, since the introduction of the Dodd-Frank Act, banks have been struggling to survive due to stricter regulation.

Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development, has been named by the White House as the leader of the Federal Housing Administration, according to HUD.

Consumer Financial Protection Bureau Deputy Director Steven Antonakes hinted at possibly extending the August 1 implementation deadline for new mortgage disclosure if vendors weren’t ready, in a speech he gave today, sending industry talks into frenzy. But according to Sam Gilford, spokesman for the CFPB, the deadline will not be extended.