As Servicers Learn to Adjust to New Rules, Attention Turns to Higher Cost of Compliance
August 7, 2014
The Consumer Financial Potection Bureau has been asked to make certain clarifications to the mortgage servicing rules that took effect early this year amid growing industry concern over the high cost of compliance. In a recent letter to the bureau, the American Bankers Association asked the agency to clarify the application of the “120-day rule,” which prohibits servicers from sending notice or filing for foreclosure unless the borrower is 120 days or more behind on the mortgage payment; requirement for periodic statements for charge-offs; and publication of an interim final rule providing bankrupt borrowers limited exemptions from the servicing rules. Complying with the servicing rules is...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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