A housing finance reform bill unveiled by House Republicans July 11 would wind down Fannie Mae and Freddie Mac and also contains a number of regulatory relief provisions, including tweaks to the CFPB’s qualified mortgage rule and exam reform.
Richard Cordray was confirmed as director of the Consumer Financial Protection Bureau July 16, after Senate Democrats and Republicans successfully negotiated a deal that includes other pending nominees and will keep filibuster rules in place.
Hampel will appear at first hearing on Senate GSE Reform legislation.
GOP panel members anxious to move measure along while Democrats ask to wait until after recess to allow public input.
Bipartisan deal gets CFPB director the job officially while court fight continues and House leader lashes out.
Trade group says it does have some concerns while California Democrat says bill is partisan ideology and another attack on middle class.
GOP-backed measure would create the "National Mortgage Market Utility" regulated by FHFA.
Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
House Financial Services hearing features partisan back-and-forth over Fannie and Freddie.
Ever since Rep. Jeb Hensarling (R-Texas) and Rep. Maxine Waters (D-Calif.) were named the chairman and ranking member of the House Financial Services Committee late last year, Capitol Hill observers have waited for the two members of Congress and their polar opposite ideologies to clash publicly.