CFPB's Plan To Tear Off Mortgage 'Patch' Risks Market Unrest
By Jon Hill (July 30, 2019, 9:51 PM EDT) -- The Consumer Financial Protection Bureau plans to bid farewell to a temporary "patch" in its mortgage underwriting regulations that some argue has unfairly privileged Fannie Mae and Freddie Mac, but financial services attorneys told Law360 that figuring out how to say goodbye without upending the mortgage market will be no simple task.
In an early-stage rulemaking notice released last week, the CFPB said it doesn't intend to make permanent a provision in its qualified mortgage standards that affords certain legal protections to loans eligible for purchase by government-sponsored enterprises Fannie and Freddie.
Nicknamed the GSE patch, this provision is set to...
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