Several states are stepping up their foreclosure prevention efforts with legislative proposals that would block foreclosures on home loans for up to a full year. In Minnesota, legislation that would defer foreclosure action for up to 12 months was introduced...
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Industry groups will call for further simplification of the good faith estimate and HUD-1 disclosure forms, which the Department of Housing and Development has revised and will publish in a forthcoming rulemaking. The proposed rule streamlining Real...
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The Illinois Attorney General is investigating allegations that Countrywide Financial and Wells Fargo Financial Illinois, Inc. may have steered minority borrowers to higher-cost or inappropriate mortgage loans. Attorney General Lisa Madigan last week...
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The Office of the Comptroller of the Currency is seeking comprehensive monthly mortgage data from nine large bank/servicers to keep track of delinquencies and loss mitigation activities. The required data collection covers prime and nonprime...
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With increased focus on mortgage servicing issues, state legislatures are seeing a growing number of proposals relating to foreclosures and mortgage fraud prevention. Legal experts at a recent mortgage servicing conference hosted by the Mortgage Bankers...
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Contested foreclosures and adversary actions are on the rise in state courts as more borrowers and lenders seek to settle their contractual disputes in court. In the most publicized of these recent cases, a Massachusetts court granted a...
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Fannie Mae has strengthened its loss mitigation efforts with the launch of two pilot programs in which attorneys play a larger role in loan workouts and loss mitigation, and a new loss mitigation option for delinquent mortgages. The attorney delegation repayment...
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Mississippi. The state Department of Banking and Consumer Finance will... District of Columbia. On Feb. 28, the DC Department of... New York. State Attorney General Andrew Cuomo this week announced... Iowa. The Hawkeye State will use a federal grant of $1.5 million to...
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Office of Thrift Supervision: Negative Equity Rescue Plan. The OTS has proposed a plan to help distressed homeowners... Federal Trade Commission: Foreclosure ‘Rescuers’ Charged. The FTC has charged six businesses and three...
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Mortgage reform, consumer protection and FHA loans top the National Association of... Refinance.com, formerly Homebridge Mortgage and a refinancing... Interthinx, a provider of risk mitigation, mortgage fraud... Federal thrift and banking regulators are...
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