The founder of Figure is moving to recombine the company he split into two parts just a year ago Mike Cagney, the head of the fintech firm, announced via LinkedIn that Figure, the firm’s lending arm, and Figure Markets, a blockchain-powered financial marketplace, will become one entity again. “I split the company in two last […]
Figure to recombine lending arm and marketplace into one entity Read More »
Sen. Raphael Warnock, D–Ga., introduced legislation Thursday to address what he called “systemic bias” in the home appraisal process. The proposal comes just one week after the Trump administration disbanded a Biden-era task force that had been focused on addressing racial bias in the housing system. The bill, called the Appraisal Modernization Act, would require
Appraisal bill introduced to counter HUD’s PAVE repeal Read More »
Recent plans for a jointly owned government-sponsored enterprise entity that serves as a common securitization platform (CSP) for their bonds appear positioned as the most likely way to achieve monetization goals the Trump administration has for Fannie Mae and Freddie Mac. Even before Common Securitization Solutions repositioned as U.S. Financial Technology experts had identified the
Why FHFA may bet on CSP to reform Fannie, Freddie Read More »
Employees at the Consumer Financial Protection Bureau are bracing for mass layoffs now that Congress has slashed the agency’s budget in half and the Supreme Court gave the Trump administration the go-ahead to gut federal agencies. Acting CFPB Director Russell Vought is expected to issue a reduction in force, or RIF, immediately after an appellate
Budget bill, SCOTUS give ‘clear path’ to CFPB firings Read More »
The U.S. Senate passed a partial claims bill aimed at helping Department of Veterans Affairs borrowers avoid foreclosure following the expiration of a previous federal servicing program this past spring. Senators approved the VA Home Loan Program Reform Act by unanimous consent Tuesday evening after the House of Representatives previously proposed and passed the legislation
VA partial claims bill passes in the Senate Read More »
The FHFA’s nod to VantageScore 4.0 — and silence on FICO’s rival 10T model in a recent X post — has reignited a bitter fight over the future of mortgage credit scoring. A B of A Global Research report dated July 11 on the agency RMBS market pointed to the imprecise language in the post
FICO challenges FHFA’s VantageScore decision Read More »
Sen. Adam Schiff, D-Calif., called the Trump administration’s accusations of mortgage fraud regarding his Maryland property political retaliation.Al Drago/Bloomberg Fannie Mae suspects Sen. Adam Schiff, D-Calif., of mortgage fraud. President Trump announced the government-sponsored enterprise’s findings in a Truth Social post Tuesday. The scheme allegedly involves a Maryland property Schiff has owned since at least
Trump says Fannie Mae suspects Schiff of mortgage fraud Read More »
Officials in New England approved a new law that makes unenforceable a “predatory” practice often targeting older homeowners that binds them to a single real estate broker and limits future options to sell their homes. Rhode Island recently became the latest state to pass legislation against NTRAPs, or non-title recorded agreements for personal services. Officials
‘Predatory’ NTRAPs outlawed in another state Read More »
Representative French Hill, a Republican from Arkansas and vice chair of the House Financial Services Committee, speaks during a hearing in Washington, D.C.Al Drago/Bloomberg WASHINGTON — House Republicans began their attempt to roll back significant parts of the Dodd-Frank Act, targeting not just the Consumer Financial Protection Bureau but a laundry list of bank regulation
Republicans gear up for Dodd-Frank rollback Read More »
Bloomberg News Inflation continued to rise in June, driven by rising costs of housing and suggesting the Trump administration’s emerging tariff policy is beginning to impact consumer prices. The Bureau of Economic Analysis reported that the Consumer Price Index increased 0.3% in June for an annualized climb of 2.7%. Core CPI, which factors out food
Uptick in CPI inflation complicates case for rate cuts Read More »
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