Regulation

The Consumer Financial Protection Bureau has proposed new requirements for mortgage servicers “to provide clear monthly statements, earlier disclosures for interest rate adjustments and options to help borrowers avoid foreclosures and costly force-placed insurance,” writes American Banker’s Kate Berry.

The Department of Housing and Urban Development will sell a $1.7 billion portfolio of nonperforming Federal Housing Administration loans in September as part of a bulk sale program aimed at helping borrowers avoid foreclosure, the loan sale advisory firm DebtX said Thursday.

Over objections from residents and lenders, the county passed a resolution Thursday authorizing its staff to seek bids from private companies looking to buy up and restructure underwater mortgages.

Fannie and Freddie's earnings from guaranteeing mortgages were a footnote when they were racking up huge losses. Now that they've stabilized, what fees their conservator sets will determine whether they shrink or can again be profitable.

Ocwen Financial (OCN) in Atlanta has hired a mortgage industry veteran to fill a new position for government and community relations.

Romney wants to make it easier for Congress to veto the proposals from regulators, and he vows to put a cap on new regulations. Both plans could have a big impact on financial regulation.

The Consumer Financial Protection Bureau, Federal Trade Commission and Department of Justice filed a joint Supreme Court amicus brief related to consumers' FDCPA rights.

We don't need and shouldn't have one-size-fits-all regulatory policies. Community banks are different from their larger U.S. counterparts.

Ellie Mae's survey found that community banks still have some concerns about regulation and compliance costs. Still, they expect that a decline in competition could be good for overall business.

Banking policy wonks might want to disengage from their sober debate about vice presidential nominee's views on Dodd-Frank and GSEs and check out the social-media phenomenon that Ryan gags have become.