Big Business wants to kill CFPB’s anti-arbitration rule. Here’s the game plan.
What the U.S. Supreme Court took away from consumers in its pro-arbitration decisions in AT&T Mobility v. Concepcion and American Express v. Italian Colors, the Consumer Financial Protection Board intends to give back. On Wednesday, the CFPB announced a proposal to prohibit financial services companies from imposing mandatory arbitration clauses that bar consumer class actions… Read More
Cost of Constructing a Home
The National Association of Home Builders, or NAHB, periodically conducts surveys to collect information from national home builders about construction costs and the elements that go into the price of single-family new construction. The last NAHB construction cost survey, taken in 2019, reflects essential information that the home building industry often considers when looking at.. Read More
Fannie Mae Sees Flaws In Black Mortgage Denial Rate Cited By MBA As Denial Rate Is Not A Sufficient Statistic
As conventional lending standards have tightened, F.H.A.-backed loans have become crucial to maintaining credit access in minority communities. But at the same time, Mr. Humphries said, F.H.A.’s dominance among such borrowers hints at a problematic trend: “a different path to financing based on your race and ethnic group.” And the F.H.A. path can be costly… Read More
CitiGroup to Pay $7 Billion in Federal-State Deal Over Mortgage Backed Securities
Includes $45.7 Million Cash Payment to Commonwealth; Seventh Settlement in AG Coakley’s Investigation of Banks Involved in Securitizing Unfair Loans BOSTON – CitiGroup, Inc. will pay $7 billion in a joint federal-state settlement over its mortgage-backed security activities, Attorney General Martha Coakley announced today. This is the seventh settlement resulting from AG Coakley’s ongoing investigation.. Read More
Boomerang Buyers Making a Gradual Return
Next year marks seven years since the foreclosure crisis peaked in 2010, during which enough time would have passed for the black mark of foreclosure to be erased from millions of consumer credit reports. In total, 1.9 million homeowners who faced owner-occupied foreclosures between the start of the housing crisis in 2007 through 2010 will.. Read More
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