in News > Residential Mortgage
print the content item


Rep. Barney Frank, D-Mass., the ranking member of the House Financial Services Committee, has stated that a misogynist environment within Washington has resulted in the departure of two high-profile women within the federal government: former presidential adviser Elizabeth Warren and former Federal Deposit Insurance Corp. (FDIC) Chairwoman Sheila Bair.

TheHill.com reports that Frank, in statements delivered on the floor of the House of Representatives, believes that Warren was passed over for the directorship of the Consumer Financial Protection Bureau (CFPB) because she is a woman.

"Part of it, I have to say, was gender bias," Frank said. "Along with Sheila Bair, recently departed head of the FDIC, Ms. Warren encountered from some people, maybe unconscious on their part, the notion that a very strong-willed woman with strong opinions might have a place, but not in the financial sector. And I regret the loss of both of these."

Jeff Emerson, deputy chief of staff on the committee, later responded that the nomination of Richard Cordray to head the CFPB was not made on Capitol Hill.

"Mr. Frank obviously ignores the fact that President Obama could nominate whomever he wanted for this position, and he is the one who chose not to nominate Warren," he said.

Neither Warren nor Bair offered public comments on Frank's remarks. Bair chose not to seek a renewal of her FDIC position, while Warren announced her return to Harvard University following the Cordray nomination.


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.


CFPB Seeks To Ease HMDA Reporting Requirements

The CFPB is proposing to exempt lenders that originate fewer than 25 mortgages a year from its new HMDA reporting rules. In addition, financial institutions with a large number of reported transactions would be required to submit HMDA data on a quarterly, rather than annual, basis.

LenderLive_id1241
Hse SandyHook
Industry Resource
Orb Mobile
Safeguard_id1322
NAMFS_id1321
SWBC_id1313