Securities holders are beginning to scrutinize certain loss mitigation strategies employed by mortgage servicers for potential violation of pooling and servicing agreements. The Consumer Mortgage Coalition said that some investors are clamping down on loan...
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Long-awaited anti-predatory lending legislation is expected to be introduced this week in the House of Representatives, but the contents may not be identical to a draft outline circulated among industry and consumer groups earlier this month. Industry...
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Efforts to help genuinely troubled borrowers are being hampered by calls from people who aren’t on the hook but are trying to take advantage of loan modification. Servicers report getting calls from mostly high-end borrowers trying to get into a workout when...
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The Department of Housing and Urban Development has tightened its regulations governing nonprofit housing counseling groups, which have been enjoying a higher profile lately in their efforts to prevent more foreclosures and keep borrowers in their homes. A...
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Wall Street last week said out-of-pocket expenses incurred by servicers to provide housing counseling services to troubled borrowers should be reimbursed from securitization proceeds. The American Securitization Forum, the official sounding board of the...
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The mortgage industry is trying to stop three cramdown bills that are making their way through Congress, saying they would drive up the cost of mortgages and make credit scarcer than it is in the current market. It is understandable why lawmakers would want to...
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A collaborative effort to provide credit to “thin file” borrowers at a time when subprime and Alt A credit is growing scarce was announced last week by a mortgage industry coalition. The new pilot lending program, R-HOME, will use alternative credit scoring and...
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New York: Members of the New York City Council Oct. 8 called on state and federal banking regulators to scrutinize bank... Ohio: The Wall Street Journal Oct. 7 reported lawsuits being filed by State Attorney General Marc Dann against a handful of...
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House of Representatives: One-Page Disclosure Form. Legislation requiring mortgage lenders to provide every borrower a one-page summary of important information regarding their loan was introduced this week in the House of Representatives...
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HUD Secretary Alphonso Jackson is under federal investigation... House Financial Services Committee Chairman Barney Frank, D-MA, will introduce... Chicago law firm Mayer Brown has formed a subprime lending... The National Association of Mortgage Brokers West conference will...
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