The Office of the Comptroller of the Currency has approved a final rule that frees national banks and their mortgage subsidiaries from complying with state predatory lending laws.The final rule builds on a series of court decisions and OCC interpretations, according to Comptroller John Hawke Jr., and it allows the OCC to pre-empt specific types of state laws that interfere with the lending activities and other powers of national banks. The final rule also establishes an anti-predatory-lending standard for national banks. "We have seen only isolated cases of abusive practices among national banks," the comptroller said. "But when we have identified problems, we have taken quick and effective action." State attorneys general, legislators, and bank supervisors registered their opposition to the proposed rule. And New York Attorney General Eliot Spitzer has threatened to sue the OCC if the pre-emption rule is finalized.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
11h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
11h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16