WASHINGTON – To clarify a Politico report today about him “angling to broker a compromise” with the administration over reforms to the Consumer Financial Protection Bureau, U.S. Senator Bob Corker, R- Tenn., a member of the Senate Banking Committee, said that after conversations over the past few weeks with a number of stakeholders, the ball is the White House’s court to propose necessary changes at the bureau in order to get enough support for Senate confirmation of a full time director. Richard Cordray is currently serving as head of the CFPB in a temporary appointment that may be in legal jeopardy given a federal appeals court’s challenge to the constitutionality of similar presidential appointments to the National Labor Relations Board that also bypassed Senate confirmation. “I made some suggestions to people at Treasury and the White House as to how they might go about resolving this issue and getting Richard Cordray confirmed. We actually had some success in a similar situation with Carol Galante at the FHA, and there seemed to be an opportunity to do something along those lines here as well. But at this point, the ball is entirely in the White House’s court. By making some modest and reasonable changes to the structure of the CFPB, I think we could have a strong Senate vote confirming Cordray as leader of the organization. But that will require the White House showing a willingness to move the process forward,” Corker said. In December 2012, Corker secured a commitment from FHA Commissioner and Assistant Secretary for Housing Carol Galante to make substantial changes to FHA underwriting requirements in order to begin restoring financial stability at FHA after substantial losses, primarily from a flawed reverse mortgage program. Galante sent Corker a letter on December 18, committing unequivocally to the implement these reforms by January 31, and her nomination was later confirmed by...

Lockhart Supports Fed Asset Purchases at Least Into Second Half Businessweek Federal Reserve Bank of Atlanta President Dennis Lockhart said he wants to continue central bank asset purchases at least into the second half of the year to help bring about an improved job market. "Considering current labor market conditions, I think ...

Radian to Sell Shares, Notes to Boost Mortgage-Unit Capital Bloomberg Radian Group Inc. (RDN) said it is issuing shares and convertible notes as the company boosts capital for its unprofitable mortgage insurance business. The insurer has begun offering as many as 30 million shares of common stock and $200 million in notes, ... and more »

The ball is in the White House's court when it comes to getting Richard Cordray approved to head a consumer bureau responsible for writing rules for mortgages and other financial services products.

WASHINGTON (Reuters) – A bipartisan research group called on Monday for winding down government-controlled mortgage finance firms Fannie Mae and Freddie Mac as part of an effort to have private lenders take on more of the risk of supplying the housing market with credit. The proposal from the Bipartisan Policy Center aims to jump-start a [...]

(Reuters) - Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities business bracing for bigger cuts than fixed-income trading.

The homebuilders have seen a huge rally off of the lows of bursting of the housing bubble, but all may not be what it seems in the space, as their outperformance vs. the S&P 500 may have finally reached its peak.

Lowe's Profit Tops Estimates on Housing Recovery Businessweek Lowe's Cos. (LOW), the second-largest U.S. home-improvement retailer, posted fourth-quarter profit that exceeded analysts' estimates, helped by spending on remodeling and Hurricane Sandy repairs. Net income fell 11 percent to $288 million, or 26 cents a ... and more »

U.S. stock index futures signaled a higher open on Monday, despite market jitters as Congress reconvenes to do battle on the $85 billion in automatic spending cuts due to take effect on March 1.