Mortgage servicers are pulling out all the stops to get troubled borrowers to respond to offers of loan modification, even providing them with disposable cell phones to return calls and sending handwritten pleas on customized stationery. But successful loan...
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Congress is expected to consider the two proposals that the mortgage industry dreads the most – a suitability standard and assignee liability – which will be included in an anti-predatory lending bill to be introduced soon. In an interview last week with Inside...
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How effective have loss mitigation strategies been in warding off foreclosure and helping borrowers? None among the panelists could say, but a recent survey by Moody’s Investor Servicers paints a bleak picture. The survey focused on the modification practices of...
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The mortgage industry chalked up a win last week with the passage of legislation in the House Ways and Means Committee that would exclude forgiven mortgage debt from tax liability and extend the mortgage insurance premium deduction for seven more years. At the same time...
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Industry litigation and enforcement experts are predicting a stormy future for the mortgage industry as fallout from the subprime crisis extends its icy grip. At conferences last week in Washington, DC, mortgage industry lawyers and federal regulators warned...
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The Securities and Exchange Commission and the Department of Housing and Urban Development are looking into allegations that Morgan Stanley and its mortgage subsidiary are discriminating against minorities, including those with strong credit histories...
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Concerned that FHA modernization legislation may take too long to pass, the Department of Housing and Urban Development is seeking to get a rule out as soon as possible to facilitate earlier “rescue” of distressed subprime borrowers. Last week, HUD sought comment on...
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Seller-funded downpayment assistance has been banned permanently from the Federal Housing Administration’s residential mortgage insurance program. A final rule announcing the prohibition appeared in the Oct. 1 Federal Register. It follows a proposed rule, which...
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Ohio. A task force created by Gov. Ted Strickland has issued a report recommending... Michigan. State lawmakers are considering legislation that would bar lenders and servicers from... Oregon. Gov. Ted Kulongoski has announced a number of initiatives to help troubled...
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Department of Housing and Urban Development: 2006 Affordable Housing Goals. Fannie Mae and Freddie Mac have each... Office of Thrift Supervision: NetBank Closed. The OTS has closed NetBank, a casualty... House of Representatives: Flood Insurance Bill Advances. By a vote of 263 to...
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Federal Reserve Board Chairman Ben Bernanke and... The National Association of Mortgage Professionals has... The National Association of Mortgage Brokers West conference will... The Consumer Bankers Association’s Fair Lending Conference will... The Real Estate Service Providers Council’s Fall Seminar... The American Conference Institute’s Responsible Lending...
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