Treasury Secretary Bessent Halts CFPB Operations Amid Controversy, Tiny Homes Market Booms and Mortgage Executive Arrested for Fatal DUI Crash

1 Credits

CFPB Treasury Secretary Amid Controversy

Treasury Secretary Scott Bessent has been tapped to run the Consumer Financial Protection Bureau, or CFPB, as acting director, after Rohit Chopra was fired on Saturday. Bessent, a wealthy hedge fund manager, has ordered the agency to halt much of its work, including issuing rules, enforcement actions, and public communications, in a move described as aligning with the administration’s goals.

Bessent’s decision is drawing criticism from consumer advocates and lawmakers, with Senator Elizabeth Warren calling it a setback for American consumers. The CFPB was established to protect consumers from financial overreach, and critics worry these actions could undermine that mission.

Among ongoing investigations, the CFPB is pursuing a lawsuit against Rocket Homes and The Jason Mitchell Group for an alleged real estate kickback scheme. The bureau claims Rocket Homes gave kickbacks to brokers to steer clients toward Rocket Mortgage, violating the Real Estate Settlement Procedures Act.

The CFPB aims to stop the unlawful conduct, provide redress to harmed borrowers, and impose penalties, but all these efforts are now at a standstill under Bessent’s directive.

Source: Link

Tiny Homes Market Booms

The global tiny homes market is set to grow by $3.71 billion from 2025 to 2029, driven by increasing demand for affordable and sustainable housing. According to a new report from Technavio, the market is expected to expand at a 4.2% annual growth rate during this period. Rising affordability, a shift towards minimalism, and growing interest in customization are fueling this growth, especially among millennials seeking eco-friendly housing solutions.

Key players in the industry include American Tiny House, Cavco Industries, and Tiny Home Builders, among others. Mobile tiny homes are especially popular in North America and Australia, offering a more affordable alternative to traditional homes.

However, the report highlights challenges, including raw material shortages, inflation, and limited demand in developing economies. Despite these obstacles, the trend towards sustainable living, remote work, and technological advancements like 3D printing are driving innovation and competition in the market.

Source: Link

Mortgage Executive Arrested for Fatal DUI Crash

The president of a California mortgage lender, Serene Francie Rosenberg, has been arrested following a fatal crash in Dana Point on Friday evening. Rosenberg, 48, allegedly ran a red light while driving drunk in her Land Rover, causing a head-on collision with a Ford Transit van. The crash instantly killed 88-year-old Melvin Joseph Weibel, a passenger in the van, while the driver suffered serious injuries.

Rosenberg, president of OCMBC’s LoanStream Mortgage, has been charged with murder and DUI. The company has placed her on administrative leave and permanently replaced her with John Hamel, former Chief Capital Markets Officer. In a statement, CEO Rabi Aziz expressed sympathy for those affected, noting that Hamel’s leadership would ensure the company’s continued stability.

The incident follows reports that Rosenberg had three prior convictions. Authorities are still investigating and have asked witnesses to come forward.

OCMBC remains operational with no expected disruptions, and the leadership transition aims to maintain the company’s commitment to its clients and partners.

Source: Link

About “3 Things You Need to Know” on OnTrack Agent.

3 Things You Need to Know” delivers concise, no-nonsense real estate news, ensuring that agents stay informed and ahead of the curve.

Stripping away editorial commentary, the show focuses on the key developments shaping the real estate industry and the broader U.S. economy.

Whether it’s market trends, legislative changes, or economic shifts, each episode distills the most important information into easily digestible segments.

Designed specifically for real estate professionals, “3 Things You Need to Know” equips agents with the insights they need to make informed decisions and thrive in a competitive landscape.

Stay connected to the pulse of the industry with timely updates that matter each weekday, Monday through Friday.

 

3 Things You Need to Know – Copyright 2025 – OnTrack Agent

Buy Now

---