- New CFPB Complaint Report Shows Mortgage Brokers Are the Best Originators
The National Association of Mortgage Brokers (NAMB) has come out in support of the Consumer Financial Protection Bureau’s (CFPB) release of the Consumer Complaint Database, a public database of federal consumer financial complaints, containing more than 90,000 individual complaints on financial products and services. One of NAMB's core beliefs is the protection of consumers and their rights to fair and equal credit as it pertains to the residential mortgage market. It is NAMB’s belief that the CFPB’s Consumer Complaint Database will assist consumers in identifying reputable and efficient sources for obtaining credit needed to purchase a home in today's heavily regulated market.
- As Housing Market Recovers, As Others Cash In
According to reports by the Census Bureau, nearly 65,000 new homes have been sold in the United States in 2012. Median home prices are expected to rise between six and eight percent from now until the end of the year. Mortgage delinquencies are decreasing at a promising rate as more underwater home loans are modified. The housing market recovery is certainly blooming, which means good news for other sectors of the economy as well.
- Fannie and Freddie Reform Threatened by Profits
The financial outlook of Fannie Mae and Freddie Mac, the two government-sponsored entities (GSEs) currently providing financial guarantees to three quarters of all residential mortgages in the United States, is looking better each day. This would be great news under normal circumstances, but it also creates a problem for those seeking to reform the GSEs.