Unlike past federal guidelines, the QRM exemption does not include credit scores. Instead, it requires financial institutions to perform an inflexible manual review of derogatory factors in the borrower's credit report.
To do any good the robo-signing settlement should include mandatory, widely applicable principal reductions targeted to homeowners who were the hardest hit.
By embedding new, modest but ill-defined one-size-fits-all requirements in legislation, the Dodd-Frank Act further politicized the determination of risk retention requirements.
The proposed regulation could raise a very significant issue for the directors of a covered company who, consistent with their fiduciary duties, may not elevate U.S. financial stability over the interests of their shareholders and creditors.
The downgrade was a judgment on the stewardship, and not on the capacity of our federal government. That does not mean, however, that the downgrade is without consequence.
Since U.S. legislators and regulators failed to learn how banks' shared delusions generate systemic risk, it's not surprising that European banking regulators also missed the point
American Banker challenged the enforcement record of the FHA under the leadership of former commissioner David Stevens. During this period the program took important steps to reduce its risk.
