I think Susan Wachter and the MBA, NAR, and NAHB are concerned that the CFPB Case SCOTUS ruling in June 2024 would POTENTIALLY get rid of the Qualified Mortgage Requirements as promulgated and regulated and I believe required by the Dodd Frank Act by the CFPB.
Recall that the QM Rule basically says that the Mortgagor must be able to be pay back the Mortgage when underwritten, that the Mortgage Originator must document that thoroughly in the loan file, AND the Originating Lender will have to BUY BACK THE LOAN if they don't. This was the primary cause of the Great Financial Crisis.
Just read the Amicus Brief of the MBA, NAR, and NAHB.
TABLE OF CONTENTS Page TABLE OF AUTHORITIES ..................................... ii INTEREST OF AMICI CURIAE.............................. 1 INTRODUCTION AND SUMMARY OF ARGUMENT....................................................... 2 ARGUMENT ............................................................. 5 I. Ruling In A Manner That Calls Into Question All Of The CFPB’s Rules Could Destabilize The Mortgage Market..................... 5 II. If Ruling For Respondents, The Court Should Take Steps To Limit The Scope And The Adverse Consequences Of Such A Ruling................................................................ 16 A. This Court should sever the offending provisions from the funding statute........... 16 B. This Court also should grant de facto validity to the CFPB’s past actions not challenged here. .......................................... 19 CONCLUSION........................................................ 23
Susan knows that USG officials coerced the GSEs to buy subprime and Alt A mortgages and she knows that screwed the GSE shareholders who have lost billions including the JPS shareholders who bought JPS at $ 25 after the NEC started to execute its Nationalization Plan with the leaked Barron's article in March of 2008.
Susan should come clean and tell us which USG officials coerced the GSEs before she stuffs the taxpayers with a FHA controlled housing sector that ultimately will stuff US taxpayers with credit losses and a lost AAA Sovreign credit rating.
Who coerced the GSEs to buy the subprime mortgages Susan? You told the FCIC interviewers - now is the time to come clean.
See the last few minutes of the 59:27 tape, She goes into her background around minute 54 and then talks about HUD and the CRA program under Cisneros - the last dialogue was that she would tell the interviewers which USG regulators stuffed the GSEs if they shut off the tape.
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