After failing to obtain key concessions as the House debated and passed anti-predatory legislation, the mortgage industry is hoping to influence the Senate bill that presidential aspirant Sen. Chris Dodd, D-CT, plans to introduce soon. But it is unclear how far...
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The Office of Thrift Supervision last week floated a plan to pay mortgage lenders $500 for each troubled mortgage loan they successfully modify, and California lenders agreed to a gubernatorial plan to streamline loan modification efforts. During...
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The hottest topics for the mortgage industry through next year will be legislation that imposes underwriting standards, increased enforcement efforts against faulty and fraudulent appraisals, and increased fair lending claims, according to compliance experts...
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Overall lending to minorities dropped in 2006, with top lender rankings showing mixed performance and Hispanics accounting for a larger chunk of minority loan volume. Approximately 3.44 million mortgage loans were made to minorities in 2006, down 11.3 percent...
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Compliance and market experts are predicting tougher underwriting standards and enforcement as the mortgage industry and federal regulators act further to limit the fallout from the subprime mortgage market mess. Lenders, investors and other market...
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Two federal district court judges in Ohio have ruled against premature foreclosure filings, apparently raising questions about the legal standing of investors in securitized mortgage pools. But Wall Street says it’s only a procedural issue. Decisions handed...
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Settlement agents may be required to read a Miranda-like disclosure at closing under a new rule proposed by the Bush administration to make sure borrowers understand key loan terms before agreeing to them. Mortgage industry trade groups are also preparing to unveil...
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Colorado. On Nov. 2, the Division of Real Estate issued a statement clarifying its position on mortgage broker contracts with lenders... Illinois. Gov. Rod Blagojevich is seeking approval for legislation aimed at helping troubled homeowners keep their homes...
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House Financial Services Committee: Appraisal, Escrow, Servicing Bill. On Nov. 15... FDIC/OCC: FACTA Direct Dispute and Accuracy Proposals. The Federal Deposit... Federal Trade Commission: Proposed Subprime Disclosure Samples. In comments on the... Department of Housing and Urban Affairs: Verification of Creditworthiness. HUD is coming...
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The HOPE NOW Alliance, which federal regulators and industry... On Nov. 9, Fannie Mae announced that it will not purchase... Scott Rothstein, a former executive director with Morgan Stanley’s... Ameriquest Mortgage Company last week agreed to pay a $1 million...
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An attempt by Senate Democrats to put FHA modernization legislation to a vote before the Thanksgiving recess was foiled by procedural setbacks. S. 2338, the FHA Modernization Act, is the Senate counterpart of two House bills: H.R. 1852, the...
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