The U.S. Bankruptcy Trustee, which is part of the Department of Justice, is seeking authority from a Connecticut bankruptcy court to investigate apparent document forgeries and fabrications that appeared mysteriously in a foreclosure case. Tracy Hope Davis, U.S. Trustee for Region 2, has filed...
Federal Housing Administration Anti-Flipping Waiver Extended. The FHA has extended its temporary anti-flipping waiver to hasten the resale of foreclosed homes in neighborhoods with high foreclosure rates. With certain exceptions, current FHA regulation prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, the FHA temporarily set...
State courts are fixing the foreclosure mess with tough measures, including a requirement for lawyers, lenders and service providers in foreclosure cases to vouch for the accuracy of documents they submit. In New Jersey, Chief Justice Stuart Rabner announced...
The Massachusetts Supreme Judicial Court (SJC) handed the mortgage industry something to crow about regarding the validity of mortgage loan assignments in foreclosure cases which, ironically, may not amount to a hill of beans beyond the Bay State, according to compliance experts. Contrary to claims of consumer victory and negative implications for the mortgage industry, the SJC in U.S. Bank National Association v. Ibanez held...
Revisions to Community Reinvestment Act regulations to support stabilization of communities affected by high foreclosure levels take effect soon. Starting Jan. 19, bank and thrift activities aimed at supporting eligible development activities in areas designated...[Includes two data charts]
Compliance experts see 2011 as a watershed year for the mortgage industry as it enters a new phase of financial regulation never before experienced by loan originators, mortgage servicers and other industry participants. The year begins...
Mortgage lenders are supporting proposed federal curbs on consumers right to rescind an illegal loan but consumer groups and state enforcement officials say loss of this legal weapon could weaken protections against abusive practices. A broad coalition of consumer and civil rights groups, state and local legal services providers, and public interest attorneys strongly urged...
Mortgage servicers could find themselves under federal supervision in the future as a push for nationwide mortgage servicing standards gained momentum among industry participants, academics, state regulators and the Obama administration. In recent joint comments to federal regulators, academics and mortgage industry experts called...
Illinois. Brent Adams, secretary of the Illinois Department of Financial and Professional Regulation has issued a nine-point affidavit-preparation expectations plan to fix the sloppy foreclosures in the state. The plan was prepared...