Legislation designed to reform mortgage practices and curb abusive lending elicited mixed but intense reactions from stakeholders and lawmakers, as House Financial Services Committee Chairman Barney Frank, D-MA, unveiled his long-anticipated bill last week...
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Wall Street is developing new reporting standards and model pooling and servicing provisions to allay investor concerns about loss mitigation strategies servicers use to help troubled borrowers avoid foreclosure and minimize investor losses. The latest initiatives...
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Wall Street has warned Congress not to be hasty in passing anti-predatory lending legislation that could disrupt the mortgage securities market. In testimony submitted to the House Financial Services Committee, the Securities Industry and Financial Markets...
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A top compliance expert said the language of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, would eliminate the possibility of class-action lawsuits against assignees but would leave open the possibility of class actions against mortgage...
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A ranking Democrat is seeking to boost forthcoming anti-predatory lending legislation with proposals for curbing abusive and deceptive mortgage servicing and appraisal practices, especially in the subprime market. Rep. Paul Kanjorski, D-PA, chairman of the House...
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Pressure from a bipartisan group of lawmakers seeking compromise on mortgage “cramdown” legislation has forced the House Judiciary Committee to withdraw its bill from markup last week. The Mortgage Bankers Association reported that 47 “Blue Dog” Democrats, who...
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The Federal Reserve met with its consumer advisory council last week to discuss the agency’s efforts to issue revised rules under the Home Ownership and Equity Protection Act, even as Congress threatened to eclipse those efforts. Consumer groups urged the Fed...
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Ohio. A federal district court judge for Ohio’s southern district has... Florida. State and federal enforcement agencies have announced a... Idaho. The state’s Department of Finance will begin participating... Texas. The state’s Department of Banking and the Office of the...
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House of Representatives: Affordable Housing Trust Fund. On Oct. 10, the House approved legislation that would create a trust fund for...U.S. Senate: Foreclosure Avoidance. Sen. Norm Coleman, R-MN, has introduced legislation that would allow troubled borrowers to...
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The Federal Deposit Insurance Corp. has reorganized... Wachovia Corp., which has sued to force Ameriquest... The National Association of Mortgage Brokers West conference... The Consumer Bankers Association’s Fair Lending Conference... The Real Estate Service Providers Council’s Fall...
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The Department of Housing and Urban Development has allowed two major providers of seller-funded downpayment assistance to continue offering their programs through next year. A new HUD rule that will become effective on Oct. 31 will permanently ban...
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