MBA Asks HUD To Revise Penalty For Delaying Foreclosure Process
November 1, 2010
The Mortgage Bankers Association has asked the Department of Housing and Urban Development to revise the monetary penalties imposed on FHA servicers for missing a foreclosure-related deadline, arguing that the current punishment is too harsh for the offense. In a letter to HUD Secretary David Stevens, the trade group said it agrees with...
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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