Two and a half years after passage of the Dodd-Frank Act, two-thirds of its mandated rules have yet to be issued, and more than a hundred of its deadlines have been missed, writes Mark Gongloff of the Huffington Post. “Meanwhile, no banker has yet gone
“Mortgage servicers will face greater limits on their ability to foreclose on a borrower while simultaneously negotiating a loan modification under new rules issued by the U.S. Consumer Financial Protection Bureau,” Bloomberg’s Carter Dougherty reports. The new rules “go further” than the bureau’s first proposal
AFR Executive Director Lisa Donner talks to NPR about the importance of holding mortgage lenders accountable for unaffordable loans.
The rules… are “likely to resemble” an October draft that “extended a legal safe harbor to loans issued at prime interest rates to borrowers whose total debt-to-income ratio doesn’t exceed 43 percent.”
Fund backed by physical copper “effectively creates a corner on the market,” AFR’s Marcus Stanley tells The New Republic.
Industry leaders and their political allies are seeking broad changes in the guise of “technical fixes,” says AFR’s Lisa Donner.
Treasury, says AFR’s Marcus Stanley, has decided to exempt “a significant derivatives market from key Dodd-Frank reforms meant to protect the public from financial instability.”
“It was created… to protect families and the market from dangerous or explosive loans, the same way the Consumer Product Safety Commission protects against explosive toasters.”
“What alarms me most,” says MIT’s John Parsons, “is the narrow scope of the questions that the Staff posed, even had they bothered to do a thorough analysis of those questions.”
Additional investor safeguards should be considered, say two of the five SEC commissioners.