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Inside the CFPB

October 1, 2007

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Loss Mitigation Proceeds at Slow Pace

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... Read More

Assignee Liability, Suitability in Anti-PL Bill

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... Read More

Moody’s: LM Efforts too Slow

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... Read More

Bill Would Exclude Forgiven Debt From Tax, Extend MI Deductions

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... Read More

Post-Meltdown Industry Faces Rigorous Compliance Climate

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... Read More

SEC, HUD Asked to Investigate Wall Street Firm’s Lending Rules

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... Read More

Comments Sought on FHA Risk-Based Premium Pricing Proposal

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... Read More

HUD Final Rule Bars Seller-Funded Downpayment Assistance Plans

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... Read More

State Roundup

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... Read More

Federal Roundup

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... Read More

Worth Noting…

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... Read More

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