There’s a lot of good-natured competition here in Nashville. Around the world, there’s a competition for everything. Eat the most hot dogs, win the World Series… the best mullet was decided a few days ago. How ‘bout economic predictions? The team at the MBA sees volume dropping 9 percent to about $2 trillion in 2023. Are you ready for “more lower volumes”? All of these forecasters talking about real estate prices going down… what were they predicting about real estate prices at the beginning of 2020? Are there legal competitions? Probably not. But decisions and penalties make headlines, especially when offenders go to prison. Here’s a “decade-long mortgage fraud scheme involving at least two dozen loan transactions, totaling $6.5 million, that resulted in more than $3.8 million in losses to lenders” in Massachusetts. The 5th Circuit recently threw a monkey wrench into the CFPB’s constitutionality last week in a highly publicized decision. Attorney and Mortgage Musings author Brian Levy discusses the decision and its possible repercussions in detail and offers his own simian analogies. Yup, the CFPB’s funding arrangement (not the CFPB itself) has been ruled unconstitutional, according to a Federal Appeals Court. Elizabeth Warren’s idea for the CFPB was to have it funded by the Federal Reserve, which is outside the purview of Congress. This would make it impossible for Congress to cut its funding. (Today’s podcast is available here. This week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Today’s features an interview with Curinos’ John Sayre on current data trends in the mortgage industry.)

Published On: October 24, 2022 / Categories: Mortgage News /