"In many cases, these are fees where there's not even a service provided or where the bank or financial institution doesn't even do any work,” Rohit Chopra of the Consumer Financial Protection Bureau said Thursday in public remarks.

The mention echoes previous recommendations to give the Federal Housing Finance Agency more authority over non-depositories that service loans sold to Fannie Mae and Freddie Mac.

Congress waited too long to address the out-of-control housing market, leading to a crisis in 2008. Now, with home prices soaring and the government-sponsored enterprises' portfolios at record levels, lawmakers are in danger of repeating that mistake.

This regulatory development is both good news and bad news, depending upon where you happen to sit in the mortgage process.

The White House's pick for vice chair for supervision, Sarah Bloom Raskin, took the brunt of criticism from Republicans on Thursday. But it seemed to do little to sow doubt among the Senate Banking Committee's moderate Democrats about Raskin or fellow nominees Lisa Cook and Philip Jefferson.

Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator's illness threatens to stall nomination votes in the full chamber.

Democratic Sen. Joe Manchin praised all five of President Biden's nominees for the Federal Reserve, an important signal for their confirmations in the 50-50 Senate.

Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.

In an open letter to Sandra L. Thompson, President Biden’s nominee for Director of the Federal Housing Finance Agency, two longtime advocates of the Federal Home Loan banks suggest a new path forward.

The Federal Reserve, FDIC, OCC and CFPB — increasingly under the leadership of Democratic appointees — are gearing up to regulate cryptocurrency, modernize the Community Reinvestment Act and give consumers more control of their personal data. Here's a look at the policy changes they're mulling.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, described many charges by banks, credit unions and fintechs as "junk fees" and said they often exceed the cost of providing the service. Several trade groups called Chopra's claims "distorted and misleading."

The rule addresses concerns related to what has previously been a lack of coverage for funds used to cover delinquent borrowers’ principal and interest payments, and clarifies guidance for specific situations.

Due to the rollback in stimulus and uncertainties related to other mortgage policy measures and rates, servicers are moving into uncharted waters, according to a Fannie Mae economist.

The change aims to streamline the processing of certain pandemic-related loan options that accommodate lower monthly payment amounts for borrowers with long-term economic hardships.

The mortgage industry has long sought a reduction, which could make homes more affordable to entry-level buyers with limited incomes, but such a measure also would limit the agency’s claims-paying resources.

The settlement is a reminder that officials who oversee the loan officer licensing system do actively police the fulfillment of professional requirements by loan officers.

The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.

The coming change will further test the effectiveness of Biden administration policies aimed at putting more affordable properties in the hands of consumers or charitable organizations.

In a Senate confirmation hearing, the acting Federal Housing Finance Agency director echoed her predecessor’s view that restructuring of Fannie Mae and Freddie Mac should fall to Congress, and pointed to measures aimed at mitigating risk for the agencies.

In letters sent Thursday, the Massachusetts Democrat asked housing firms Progress Residential LLC, Invitation Homes Inc. and American Homes 4 Rent about recent rent hikes, plans to acquire more properties and the number of evictions in recent years.