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Is CFPB Qualified to Regulate the Mortgage Industry?
More stringent regulation of mortgage lending constitutes a sizable chunk of the vast Dodd–Frank statute. As required, the Consumer Financial Protection Bureau (CFPB) on Thursday released more than 800 pages of rules that will largely determine the availability and cost of mortgages. Neither consumers nor creditors emerge as winners.
IS CFPB QUALIFIED TO MAKE THIS DECISION? READ ON >>
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The Role of GSEs in the Housing Market
Fannie Mae and Freddie Mac, the major housing government-sponsored enterprises (GSEs), hold dominant positions in the U.S. mortgage market. They have likely passed a mortgage interest rate subsidy of 25–50 basis points to homebuyers through their interventions in the housing market, especially by easing loans to those who could not afford to buy a house. Therefore, any policy reform that eliminates Fannie Mae and Freddie Mac from the U.S. mortgage market, all else equal, would have the likely effect of eliminating this interest rate subsidy on mortgages.
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Remittance Rules: A Case Study of Regulation Pitfalls
The Dodd–Frank financial regulation statute requires nearly 400 rulemakings. As of January 2, some 60 percent of the rulemaking deadlines were missed, and a full third of the required regulations have not been proposed. The delays may defer some compliance expenses. However, regulatory uncertainty also imposes costs on businesses as well as consumers, as the saga of the “remittance” rules illustrates.
WHAT DOES THIS DELAY MEAN? FIND OUT >> |
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Founded in 1973, The Heritage Foundation is the nation’s most broadly supported public policy organization. Heritage created the Center for Legal and Judicial Studies in 2001 to educate government officials, the media and the public about the Constitution, legal principles and how they affect public policy. | |
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