Using its authority under the Home Ownership and Equity Protection Act, the Federal Reserve this week issued long anticipated proposals to curb unfair or deceptive home lending and advertising practices.However, the proposals have left the Fed’s critics unimpressed...
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The mortgage banking industry faces another uphill battle over anti-predatory lending legislation in the U.S. Senate, where the chairman of the banking committee has proposed far tougher consumer protection measures for a broader array of mortgage loans than...
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The Federal Reserve Board’s proposed HOEPA rules elicited strong negative reactions from key lawmakers, consumer groups, and some industry observers. House Financial Services Committee Chairman Barney Frank, D-MA, and Senate Banking Committee Chairman Chris Dodd...
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The mortgage industry is warning lawmakers that allowing bankruptcy judges to restructure home mortgage debt under Chapter 13 could throw collateral value into question and potentially scare away investors, worsening the credit crunch. “To radically alter the...
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The U.S. Senate last week passed legislation to modernize the Federal Housing Administration’s residential mortgage insurance program that differs markedly from an FHA reform bill approved by the House in September. Both bills, S. 2338 and H.R. 1852, were...
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Loan modification activities have increased in the last couple of months as servicers gained more experience and employed better technologies in mitigating investor losses and stemming the rising tide of foreclosures, according to mortgage servicing experts...
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Many mortgage lenders may be unable to do an impairment analysis on each of the thousands of loans that could be modified under a foreclosure prevention plan developed by Wall Street and backed by the Bush administration and federal regulators. The Mortgage...
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New York. The State Assembly is considering legislation introduced by Assemblyman... Michigan. The state’s House of Representatives passed legislation on Dec. 4... Washington. On Nov. 29, Gov. Christine Gregoire signed into... Colorado. The state Division of Real Estate has adopted an...
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House of Representatives: UDAP Bill. On Dec. 4, the House passed legislation... OCC/OTS/FRB/FDIC/NCUA/FTC: Information Sharing with Affiliates. Federal regulators will seek comments... Federal Reserve Board: HMDA Reporting Exemption. The Fed has increased the asset...
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The Woodstock Institute, a policy research group for low-income and minority communities, has moved to a new location: 29 E. Madison St... The Texas Department of Savings and Mortgage Lending still has not found a replacement for Commissioner Danny Payne, whose...
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