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The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was a legislative attempt to mitigate potential future financial losses as a, response to the financial crisis of 2008. This study focuses specifically on the impact of the creation of the Consumer Financial Protection Bureau and the Mortgage Reform and Anti-Predatory Act, which are found in Title X and Title XIV in the Act. Secondary data is used to analyze whether the Consumer Financial Protection Bureau mitigates unfair and deceptive lending practices. A review is also conducted as to how the Mortgage Reform and Anti-Predatory Act influences the financial industry. The implications of the Dodd-Frank Act for the current consumer are also discussed. The Dodd-Frank Act is massive in scope, and with significant developments still pending, future analysis will be critical to determine the impact on fraud mitigation. Keywords: Economic Crime Management, Dr. Bruce McBride, Dodd-Frank Act, subprime mortgages, Consumer Financial Protection Bureau, Mortgage Reform and Anti-Predatory Act
The Dodd-Frank Act is intended to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The Act provides some liability protection for lenders originating mortgages that meet nine specified criteria associated with a borrower¿s ability to repay (¿qualified mortgages¿). The act also requires securitizers of mortgages not meeting separate criteria associated with lower default risk to retain at least 5% of the credit risk. This report discusses the potential impact of the act¿s: (1) qualified mortgage criteria; (2) credit risk retention requirement; and (3) provisions concerning homeownership counseling and regulation of high-cost loans. Charts and tables. This is a print on demand report.
"Dodd-Frank Wall Street Reformand Consumer Protection Act (Dodd-Frank Act) is intended, among otherthings, to reform residential mortgagelending and securitization practicesthat contributed to the recent financialcrisis. The act provides some liabilityprotection for lenders originatingmortgages that meet nine specifiedcriteria, as applicable, associated witha borrower's ability to repay ("qualifiedmortgages"). The act also requiressecuritizers of mortgages not meetingseparate criteria associated with lowerdefault risk to retain at least 5 percentof the credit risk, though federalrulemaking agencies may vary thisamount. The act directed GAO toassess the effect of mortgage-relatedprovisions on the availability andaffordability of mortgage credit and toissue a report by July 2011, but federalagencies are still developingimplementing regulations. This reportdiscusses the potential impact of theact's (1) qualified mortgage criteria,(2) credit risk retention requirement,and (3) provisions concerninghomeownership counseling andregulation of high-cost loans.To do this work, GAO analyzed aproprietary database of residentialmortgages, reviewed relevant housingand mortgage market research, andinterviewed key mortgage industrystakeholders.GAO provided a draft of this report toeight agencies. In a letter, the NationalCredit Union Administration said, asnoted in the report, that the act's..."
The Dodd-Frank Act is single longest bill ever passed by the U.S.... The Dodd-Frank Act passed in reply to the latest financial meltdown, which applies to prevent further fraud and abuse in the markets, also geared toward protecting consumers with regulations like keeping borrowers from abusive lending conditions and mortgage practices by lenders. Dodd-Frank regulatory requirements set too many restrictions on local lenders and appraisers and that the Act created for large banks "too-big-to-fail”. However, the small banks, which do not fit neatly into standardized financial modeling, will face unintended consequences, as increased operations costs, which lead to reduced income and limited potential growth. The Act created enormous difficulties on small banks, which has little to do with the financial crisis.
Leading scholars, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and the legislative process that produced it are described. Systemic risk and the problem of too-big-to-fail institutions are explained. Salient features of the Act, including new rules for mortgage origination and securitisation, central clearing of derivatives, the Volcker Rule, the creation of the CFPB and the FSOC, the conflict minerals rule, and new rules for resolving troubled financial institutions are discussed.
In this volume, what are thought to be some of the more important aspects of the Dodd-Frank Act are discussed from a number of perspectives, including that of industry scholars who have been actively involved in evaluating financial regulation, regulators who are responsible for implementing the reform, financial policy experts representing think tanks and banking trade associations, congressmen and congressional staff involved with developing the legislation, and legal scholars. The volume summarizes the act, evaluates how the new regulations are being implemented and how the implementation process is progressing, and discusses modifications that, in the views of the authors, might be needed to more effectively achieve the stated goals of the legislation.