Federal thrift and banking regulators have issued proposed guidance for subprime lending in response to growing congressional pressure to strengthen protections for borrowers of subprime hybrid products.While the proposed guidance does not bar any specific subprime...
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The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators will develop parallel guidance for state regulators to use in their oversight of subprime ARM lending. The CSBS/AARMR announcement came shortly after federal...
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Freddie Mac has released stringent new guidelines for 2/28 and 3/27 subprime hybrid ARM products – a move that could have a bigger impact than the ongoing regulatory effort to clarify underwriting and marketing standards for subprime hybrid products. The government-sponsored...
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Industry trade groups and state regulators have agreed on a set of principles designed to allay lender concerns about a national residential mortgage licensing system. The principles and sample legislative language were developed jointly by the Conference of State...
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North Carolina officials are close to releasing final state guidance on nontraditional mortgages but are still discussing how to address issues regarding subprime hybrid ARMs, according to Mark Pearce, the state’s deputy commissioner of banks. State regulators are...
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Consumer advocacy groups’ support for uniform anti-predatory lending legislation will come at a high price, possibly the inclusion of a suitability standard in the bill that could create more liability for lenders and brokers, according to a top industry lawyer. Donald Lampe, a partner...
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The trade association for mortgage brokers is calling for a comprehensive, federal study of rising foreclosures across the country, saying it is unsure why defaults and foreclosures are increasing. There is no single cause or solution, the National Association of ...
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Small lender and mortgage broker shops may be at risk if they fail to recalibrate their computer clocks to the new U.S. Daylight Saving Time, which will come earlier this year, according to mortgage information technology experts. The deadline is fast approaching and...
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New York: Democratic Gov. Eliot Spitzer has nominated... Ohio: Democratic Gov. Ted Strickland has tapped... Kansas: The state Senate has confirmed... U.S. Virgin Islands. Gregory Francis has succeeded... Maine. All mortgage licensing applicants must...
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Federal Trade Commission: Authentication Workshop. The FTC will host a public workshop... Consumerinfo.com Settles FTC Charges. A credit-report provider has... FRB/FDIC/OCC/OTS: Katrina Guidance Reminder. Federal thrift and... Proposed Basel II Guidance. Federal thrift and banking regulators...
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Fannie Mae has shut down its foundation... The National Community Reinvestment Coalition will have its... The National Association of Mortgage Brokers holds... The National Real Estate Development Council will host... The Real Estate Service Providers Council will have its... The Office of Thrift Supervision will be hosting... Inside Mortgage Finance Publications will sponsor an...
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Legislation has been introduced that would extend the Community Reinvestment Act to cover mortgage brokers, mortgage companies, insurance firms and securities companies. H.R. 1289, the “Community Reinvestment Act Modernization Act of 2007,” would increase...
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