The Office of Thrift Supervision is in the very early stages of a rulemaking process that could lead to the issuance of a regulation that bans certain "unfair and deceptive" lending practices.An OTS spokesman said agency officials are preparing to solicit industry and consumer groups soon for input on certain abusive practices. After reviewing the responses, the OTS plans to issue a notice of proposed rulemaking for public comment. Federal banking regulators are under pressure from Congress to curb irresponsible subprime lending, and the Federal Reserve Board is considering significant changes to its Home Ownership and Equity Protection Act regulations. But the OTS also has the authority to define "unfair and deceptive" lending practices. One thrift industry official welcomed the agency's initiative, saying that the OTS has the experience to develop a rule that provides consumer protections without unnecessarily curbing the availability of credit.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25