In his article, "Quality Snags in the Mortgage-Finance Supply Chain," Paul Zipkin provides a provocative exploration and discussion, thoughtful analysis, and several recommendations for the application of quality management concepts, tools, and techniques to help improve the quality of the mortgage-finance supply chain. This commentary offers several thoughts on some of the systems issues associated with implementing and sustaining the changes that Zipkin recommends. As Zipkin notes, the subprime mortgage crisis represents a systemwide failure of quality. Creating sustainable change in the mortgage-finance system will require a thorough understanding of the overall system in order to learn from experience and develop effective design changes in policy, products, processes, consumption, ...
This article is a primer on mortgage finance. It discusses the basics of the mortgage market and mortgage finance. In so doing, it provides useful information that can aid individuals in making better mortgage finance decisions. The discussion and the tools are presented within the context of mortgage finance; however, these same principles and tools can be applied to a wide range of financial decisions.
What role did mortgage marketing practices play in the U.S. credit crisis? Was it the result of greedy lenders, deceptive loan originators, creators of mortgage-backed securities, and complacent investors? Or were consumers complicit with lenders in a market bubble fed by easy credit and a laissez-faire government? Critics claim that many contracts for loans at risk of default were the result of unscrupulous lending practices. Greedy lenders preyed on unsophisticated and vulnerable borrowers. Aggressive lenders steered creditworthy borrowers into profitable but risky subprime loans. Lenders (and borrowers) committed fraud. The U.S. government failed to protect borrowers and encouraged loose lending standards. As a result, loose lending standards destabilized the housing market. Industry...
This Article examines the tax treatment of Islamic mortgage alternatives and considers the cultural and constitutional implications of the tax treatment of mortgage debt. Islamic law cannot be separated from the religion of Islam, and one of the primary tenets of Islamic law is the prohibition of riba, which is defined by some Islamic jurists as the payment of interest on any loan. Financing institutions, working with Muslim religious leaders, have developed a number of financing instruments that do not violate the prohibition against riba, thus facilitating home ownership for those Muslims who do not feel comfortable with a traditional mortgage. Should payments under such instruments qualify for the home mortgage interest deduction? What are the potential consequences of either permitt...
The investigation found that: * State regulators had allowed more than 10,000 convicted criminals to peddle mortgages in Florida between 2000 and 2007 while the state's mortgage fraud rate was spiraling to the highest in the nation. * More than 4,000 licensed brokers had cleared background checks after committing crimes that state law specifically required regulators to screen, including fraud, bank robbery, racketeering and extortion. * The former criminals allowed into the industry had committed more than $85 million in mortgage fraud by the time the first installment of the series ran. * When the state investigated brokers already in the business, there was almost no punishment for wrongdoing. The PACER match turned out to be important because Florida law specifically required regul...
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer to the Bureau of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Home Mortgage Disclosure Act of 1975 (HMDA), as amended, the Bureau is publishing for public comment an interim final rule establishing a new Regulation C (Home Mortgag...
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