in News > Residential Mortgage
print the content item


A top economic advisor to Mitt Romney has hinted that the Republican presidential candidate may either dismantle the Consumer Financial Protection Bureau (CFPB) or realign the agency outside of the Federal Reserve.

Romney advisor Glenn Hubbard, who is also a dean of the Columbia Business School, told the Wall Street Journal that Romney will also propose a new system for dismantling failing financial institutions that differs from the current Dodd-Frank Act requirements and will put forward a plan to wind down Fannie Mae and Freddie Mac.

For the CFPB, Hubbard offered two scenarios: Romney might eliminate the agency and reassign its powers to existing to financial regulators, or he might realign its position within the federal government and make it more accountable to congressional oversight. During the presidential campaign, Romney has not previously discussed the CFPB at any great length.

Hubbard also used his interview to emphasize his admiration for the Federal Reserve's current leadership.

"If there's a hero in this story, it's the Fed and Chairman [Ben] Bernanke," he said. However, Hubbard declined to speculate whether Bernanke would be offered a position in a Romney administration. Bernanke was originally appointed to run the Fed by former President George W. Bush and was reappointed by President Obama.

Hubbard added that Romney spell out his plans for financial regulation at greater length in a series of campaign speeches that will be delivered in the coming weeks.


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.


Waters Introduces Yet Another Housing Finance Reform Bill

But unlike the other three bills now before Congress, Waters' proposal calls for replacing Fannie and Freddie with a cooperative of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government.


OIG: Property Preservation Companies Need Better Controls

A recent OIG audit revealed that there are numerous problems plaguing the property preservation business, not the least of which is the submission of false or erroneous property inspection reports on the part of sub-contractors.

LenderLive_id1164
Hse SandyHook
Orb Mobile
Play for Pink
Superior Home_id1078
SWBC_id1156
FedHomeLoan_id1130