TITLE

Cordray Downplays Potential Litigation Risk from QM Rule

AUTHOR(S)
Davidson, Kate
PUB. DATE
September 2012
SOURCE
National Mortgage News;9/24/2012, Vol. 36 Issue 51, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on a testimony by Richard Cordray, director of the U.S. Consumer Financial Protection Bureau ion which he suggested that lenders should not be too much concerned about potential legal liability for making qualified mortgages. He also said that the agency is considering two alternative protections for lenders that make such loans and under one plan, lenders will be completely safe from lawsuits while the other would allow borrowers to sue lenders for underwriting mistakes.
ACCESSION #
82769892

 

Related Articles

  • CFPB Proposes "Minor Changes" to Mortgage Rules to Ensure Access to Credit.  // Pratt's Letter;5/12/2014, p3 

    The article reports on the proposed minor adjustments of the Consumer Financial Protection Bureau (CFPB) to its mortgage rules to ensure access to credit in the U.S. It highlights the statement of CFPB Director Richard Cordray about the proposal which is designed to encourage lenders to provide...

  • A Bruised Cordray Opens Up About Internal CFPB Scrap Over Easing QM. Witkowski, Rachel // Nationalmortgagenews.com;2/11/2015, p10 

    The article focuses on the decision of the U.S. Consumer Financial Protection Bureau (CFPB) to ease qualified mortgage (QM) restrictions for small and rural lenders. The agency's director Richard Cordray related during a town hall meeting that the agency had internal disagreements on how it...

  • CFPB Makes Adjustments to Mortgage Disclosure Rule. Witkowski, Rachel // American Banker;1/21/2015, Vol. 180 Issue 10, p1 

    The article reports that the Consumer Financial Protection Bureau (CFPB) has made changes to its mortgage disclosure rule, which is set to take effect on August 1, 2015. Topics covered include the rule's impact on lenders, the benefits of adopting the "Know Before You Owe" mortgage forms, such...

  • Is the CFPB Ready to Pounce on Mortgage Tech Vendors? Berry, Kate; Kilgore, Austin // American Banker;10/22/2015, Vol. 180 Issue 164, p0 

    The article discusses speculation over an imminent crackdown on mortgage-technology vendors by the U.S. Consumer Financial Protection Bureau (CFPB). It mentions the opposition of the CFPB Director Richard Cordray to the move by some software vendors of preventing lenders from complying new...

  • CFPB Publishes PMI Bulletin.  // Credit Union Magazine;Oct2015, Vol. 81 Issue 10, p34 

    The article reports on the compliance bulletin issued by the Consumer Financial Protection Bureau (CFPB) to help mortgage lenders and servicers in complying with the private mortgage industry (PMI) cancellation and termination provisions of the Homeowners Protection Act of 1998 (HPAA) in August...

  • Borrowers Could Suffer in Servicing Transfers, CFPB Warns. Witkowski, Rachel // National Mortgage News;8/25/2014, Vol. 38 Issue 47, p1 

    The article reports that the U.S. Consumer Financial Protection Bureau (CFPB) has issued a bulletin in August 2014 that warns mortgage servicers of potential risks over consumers' response when servicing rights are changed. Topics discussed include big transfer servicers asked to be prepared to...

  • CFPB May Revisit Small Bank QM Exemptions. Witkowski, Rachel // National Mortgage News;1/13/2014, Vol. 38 Issue 2, p1 

    The article offers information on the consideration of the U.S. Consumer Financial Protection Bureau (CFPB) to expand the small lenders' exemptions from its qualified mortgage (QM) rule. It offers the insights of agency director Richard Cordray on the exemptions and Barry Zigas of the Consumer...

  • No Surprises, No Runarounds: CFPB Outlines Servicer Rules.  // Pratt's Letter;4/16/2012, p1 

    The article reports on the optimism of lenders about the mortgage servicing rules of the Consumer Financial Protection Bureau (CFPB) in the U.S. CFPB director Richard Cordray provides the general outline of the rules in which it intends to publish a proposal to the finalization of the rules by...

  • CFPB Proposes Additional Tweaks to Mortgage Rules.  // Pratt's Letter;7/1/2013, p2 

    The article reports on the clarifications and revisions proposed by the U.S. Consumer Financial Protection Bureau (CFPB) to its January 2013 mortgage rules. It is inferred that the proposals would facilitate lending in rural or underserved areas. According to CFPB director Richard Cordray, the...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics