The consensus at the Federal Reserve’s public hearing on the Home Ownership and Equity Protection Act last week was for the agency to use its rulemaking authority to crack down on subprime abuses, and the agency will have to decide whether to issue guidance or...
Read More
The Mortgage Bankers Association, America’s Community Bankers, and the Real Estate Service Providers Council have expressed interest in returning to the table to pick up where stakeholders left off in 2005 in their pursuit of mortgage settlement reform. The groups...
Read More
Congress may consider extending rulemaking authority to other federal banking regulators if the Federal Reserve does not act soon to prohibit unfair and deceptive lending practices. House Financial Services Committee Chairman Barney Frank, D-MA, raised the...
Read More
House Financial Services Committee Chairman Barney Frank, D-MA, and several other Democrats have asked the Financial Accounting Standards Board to clarify whether modifications of troubled subprime loans are in line with existing accounting rules. In a...
Read More
A one-page mortgage disclosure form in addition to the good faith estimate and the HUD-1 statement could become the norm in home loan transactions if legislation currently being drafted is approved by Congress. Developed by the American Enterprise Institute, a...
Read More
The Office of the Comptroller of the Currency and state bank supervisors have agreed to coordinate their examination of national banks and the independent mortgage brokers they work with to boost consumer protection. The latest federal-state initiative comes in...
Read More
New York. The New York State Banking Department has adopted the guidance on nontraditional mortgage products developed by the... Massachusetts. Emergency regulations addressing the foreclosure problem in the Bay State are now in effect for a 90-day period...
Read More
Federal Emergency Management Agency: Adverse Court Decision. A federal district court has barred FEMA from terminating housing assistance for homeowners affected by Hurricanes Katrina and Rita before they have an opportunity to appeal. The June 13 ruling...
Read More
Wyoming State Banking Commissioner Jeffrey Vogel was named chairman of the Conference of... The National Association of Mortgage Brokers will have its convention June 21-25... The California Mortgage Bankers Association is having its 35th Annual Western Secondary...
Read More
House Financial Services Committee Chairman Barney Frank, D-MA, is planning to introduce legislation that would establish a national housing trust fund before Congress goes to recess June 29 for the Independence Day break. The bill will likely cause a repeat of...
Read More