Earnings: Bank of America, BB&T, Citigroup, Fifth Third, Huntington, PNC

CFPB to Unveil New Servicing Rules: Among other significant changes, mortgage servicers will have to wait until a borrower is 120 days delinquent before initiating the foreclosure process under the rule, which preempts state foreclosure laws. The rule will also ban "dual tracking," in which servicers start foreclosure while a loan modification is being processed. Several articles quote consumer activists complaining that the regulations don't go far enough and should have included a stronger mandate to offer mods to borrowers in trouble. Small banks are exempt from the rule (which, by the way, we couldn't find on the CFPB website or in the Federal Register this morning, so for now you'll have to trust the media). Wall Street Journal, Financial Times, New York Times, Washington Post

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.