Jeremiah Norton was the sole FDIC board member to oppose the QRM rule, saying that the agencies' "subdelegation" of powers to the CFPB could be questioned legally.
The risk retention rule unveiled Tuesday was hailed by the industry for its definition of a "qualified residential mortgage," but analysts say a comeback for private-label securitization still faces huge obstacles.
But the payoff for the agency is that it increases the availability of credit for consumers.

The GSE regulator's second attempt to stimulate the mortgage market is receiving a lukewarm reception from lenders, who remain gun-shy after being forced by Fannie and Freddie to repurchase billions of dollars in soured loans since 2008.

Lenders increasingly find themselves responsible for protecting clients’ money and non-public personal information as those funds and data pass through several vendors that are part of the mortgage process.

WAVE OF THE FUTURE? The mortgage industry will "recognize the economic benefits" of ITIN loans, and they will "become more common in the long term," said Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals.
Many lenders think home loans are off-limits for undocumented immigrants because they lack Social Security numbers, but higher-cost loans using borrowers' individual taxpayer identification numbers are available and being made by a handful of firms.

"This case is really about what is a regulation," said one expert.
Although the case ostensibly turns on whether loan officers should be paid for overtime, the high court is focused on whether government agencies have the right to substantially change regulations without seeking public comment.
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