HousingWire Daily James Kleimann on specific cuts at CFPB and HUD
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Feb 25, 2025 In this discussion, James Kleimann, Managing Editor at HousingWire, delves into the recent staffing and funding cuts at the CFPB and HUD. He explores how these changes may affect the housing sector both positively and negatively. Kleimann highlights the implications for the mortgage industry, particularly concerning veteran housing and disaster response. The conversation also touches on the significance of HMDA data amidst these bureaucratic shifts, emphasizing the need for effective policy-making to tackle escalating housing challenges.
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CFPB Dysfunction
- The CFPB is largely dysfunctional, with firings, administrative leave, and a work stoppage.
- Trump insiders are running the CFPB from the basement, and some worry their haphazard approach could backfire.
CFPB's Data Role
- The CFPB's role extends beyond enforcement; it provides valuable data like HMDA.
- This data is crucial for mortgage tech vendors and lenders assessing fair lending practices.
Dodd-Frank's Persistence
- Even if the CFPB is dismantled, Dodd-Frank laws remain, potentially leading to a patchwork of state regulations.
- This could increase costs for mortgage lenders and complicate compliance.