Federal banking regulators are considering adding tougher language on stated-income loans to proposed subprime lending guidance, as they also struggle with questions related to troubled subprime loans in portfolio. Comptroller of the Currency John Dugan said...
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Despite little evidence thus far in origination volume or the secondary market, loan underwriting experts say it is just a matter of time before the effects of tightening subprime underwriting standards become evident. In a recent audio conference on subprime...
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The Federal Reserve Board acknowledged it has used its “discretionary regulatory authority” under the Home Ownership and Equity Protection Act on several occasions to protect consumers from lending abuses, but took no position on whether that authority...
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Tax-related measures that would remove a major impediment to the mortgage industry’s current foreclosure prevention efforts and prevent illegal immigrants from using individual tax identification numbers to obtain residential home loans have been introduced in...
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California has proposed nontraditional mortgage regulations that go farther than the guidelines adopted by state and federal regulators last year. The Department of Corporations, which licenses and regulates California mortgage lenders, opted for a formal...
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New York mortgage lenders and community groups are working with a state interagency task force to develop measures to combat predatory lending and mortgage fraud. The task force’s goals are to: Develop loan and refinance programs to help homeowners get out of bad...
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Despite assurances of balanced rulemaking from federal regulators, the mortgage industry is growing wary about the direction subprime lending supervision might be headed. Recently, the Mortgage Bankers Association joined five other financial services trade...
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While the House recently passed legislation to reform the government-sponsored enterprises, the Mortgage Bankers Association’s top lobbyist does not expect the Senate to act on the bill, or any mortgage-related legislation, for at least a year. At a press...
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Illinois. The state legislature is considering changes to state... New York. The Federal Trade Commission and the U.S. Department of... Hawaii. The Aloha State has enacted a law clarifying which entities... Arizona. State regulators are looking into reports that escrow agents...
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Department of Housing and Urban Development: HUD General Counsel. The Senate... Federal Trade Commission: Bogus Mortgage ‘Moneymakers.’ A federal district court... Department of Justice/FBI/HUD: Secondary Market Fraud. Operators of a North Carolina...
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The Federal Reserve Board’s Consumer Advisory Council will... USFN (U.S. Foreclosure Network), a trade association... The American Conference Institute is hosting... The National Association of Mortgage Brokers will... The California Mortgage Bankers Association is having...
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