Mortgage servicers must be ready to justify their loss mitigation strategies for helping borrowers who need more than half of their gross monthly income to pay debts, according to federal and state banking regulators. It is essential for servicers to...
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Media outlets that run deceptive mortgage loan advertisements could be as liable as the mortgage broker or lender that paid for the ad, and may be subject to enforcement action, the Federal Trade Commission has warned. In letters last week, the FTC put...
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While loan modification may help cure borrower default and prevent foreclosure, lender losses are still considerable though far less than what lenders would have incurred in a foreclosure. But there is a way to avoid future losses and at the same time make loan...
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The unexplained differences in the higher-priced lending between minority and white borrowers continued to widen in 2006 even after being modified with other borrower- and lender-related factors, according to a Federal Reserve Board analysis of 2006 Home...
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The Bush administration’s plan to use the Federal Housing Administration’s residential mortgage insurance program to help thousands of troubled subprime borrowers avoid foreclosure may not be as promising as it sounds. Wall Street analysts came away...
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With a few more tweaks, a revised disclosure form for a good faith estimate that scored high with consumers during tests conducted by the Department of Housing and Urban Development a few years ago could end up in a new proposed rule on mortgage settlement reform...
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Mortgage lenders are skittish about a proposal by the Federal Trade Commission and a presidential task force on identity theft to limit the use of Social Security numbers as identifiers and authenticators and search for other alternatives. While strongly supportive...
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Connecticut. Attorney General Richard Blumenthal sued a number of mortgage brokers... Massachusetts. Attorney General Martha Coakley has issued a regulation permanently... New Mexico. On Aug. 30, Gov. Bill Richardson announced a task force to study the impact of...
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House of Representatives: FHA Modernization Bill. H.R. 1852, the Expanding American Homeownership Act of 2007, is expected to... Office of the Comptroller of the Currency: Debt Elimination Fraud. The OCC has sent out an alert to national banks and other federal...
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Mortgage Guaranty Insurance Corp. and Radian Group have terminated... Former Fed Gov. Edward Gramlich passed away... The New York State Banking Department has named... The USFN (U.S. Foreclosure Network), a professional network... The Consumer Bankers Association will have its annual...
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