Earlier this week, the Consumer Financial Protection Bureau (“CFPB”) won an important court ruling in a long-running case against student loan securitization trusts. The case has a long (and for the CFPB, somewhat ignoble) history. The CFPB first filed suit against 15 Delaware statutory student loan securitization trusts (the “Trusts”) in September 2017. The complaint
CFPB to rip off the patch?
On July 25th, the CFPB announced plans to allow the temporary Qualified Mortgage (QM) status given to loans eligible for purchase by Fannie Mae or Freddie Mac (the GSEs) to expire. However, the agency stated it could allow a short extension past the January 10, 2021 expiration date, and is in any case soliciting public comments on the general QM definition, including its income and debt documentation requirements.
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Freddie Mac’s investor reporting changes
Freddie Mac is revising its reporting cycle for greater alignment with Fannie Mae and Ginnie Mae, and to help pave the way for Fannie Mae’s and Freddie Mac’s joint initiative to develop a single mortgage-backed security for issuance by both. Read more about it here.
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