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The mortgage industry collectively shuddered earlier this month as the Senate approved Rohit Chopra as director of the Consumer Financial Protection Bureau for a five-year term.
Consumer finance experts and attorneys specializing in mortgage regulation compliance expect Chopra, an acolyte of Massachusetts Democratic Sen. Elizabeth Warren, to ramp up the CFPB’s enforcement activities.
Pennsylvania Republican Sen. Patrick Toomey said that under Chopra, the CFPB would return to “rulemaking by enforcement.” Toomey said that Chopra would be willing to “shoot first and ask questions later.”
To learn more, check out our top story in the Note & Real Estate News section below.
Meet Rohit Chopra, The New CFPB Director
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The Senate approved Rohit Chopra as director of the Consumer Financial Protection Bureau for a five-year term in a 50-48 split vote. This will be Chopra’s second stint at the consumer watchdog agency. In 2011, he was appointed to be the CFPB’s student loan ombudsman.
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Biden Admin Extends Additional Mortgage Relief Options for FHA Loans
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The Federal Housing Administration (FHA) has announced new forbearance options for homeowners who are struggling to make their mortgage payments.
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U.S. Treasury Secretary Janet Yellen Supports Taxing Unrealized Capital Gains
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On September 28, 2021, Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen testified on the coronavirus and CARES Act before the U.S. Senate Banking, Housing and Urban Affairs Committee.
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What the New December Debt Ceiling Deadline Means for Mortgage Rates
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The Senate passed a temporary extension of the debt ceiling last week in a 50 to 48 vote, giving the government enough funds to make it through a new December 3rd deadline.
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FORBES: As Opportunity Zone Window Closes, The Case For Investment Is Stronger Than Ever
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The opportunity clock is ticking. As a critical deadline in the qualified opportunity zone program approaches on December 31, 2021, investors are finding the potential tax benefits of the program increasingly attractive — in no small part because capital gains tax rates are almost certain to go up in the weeks ahead.
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