Bank of America has pledged a total of $1.542 trillion to fund long-term Community Reinvestment Act investments over 10 years, foreclosure relief and housing-related philanthropy to ease public concerns about its proposed merger with Countrywide Financial Corp...
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Federal examiners will give appropriate credit under the Community Reinvestment Act to banks and thrifts that have foreclosure prevention programs or other initiatives that can get borrowers out of high-cost loans and into sustainable, affordable mortgages...
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The Department of Housing and Urban Development’s effort to reach out to more distressed borrowers and reduce foreclosures appears to be paying off, as more delinquent borrowers have been able to refinance into FHASecure loans. Progress of the program has been...
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Fannie Mae is considering revising its loan pricing scheme for so-called declining markets in response to concerns that the policy might have a discriminatory effect on minority homebuyers. “We have met extensively with [consumer] advocates, listened to their...
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A New York trial court has rejected a borrower’s claim that she was a victim of predatory lending and turned aside her legal attempt to stop the foreclosure sale of her home. In Alliance Mortgage Banking Corp. v. Dobkin, the Supreme Court of Nassau County expressed...
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An online North Carolina-based mortgage broker has sued two of its former executives and three California lenders for allegedly breaking into its database and using proprietary information to pirate away customers from lender clients. LendingTree, a...
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The Federal Deposit Insurance Corp., the Federal Trade Commission, and state regulators are supportive of lowering the current regulatory thresholds for high-cost mortgages but are urging the Federal Reserve to carefully balance access to credit with the...
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The clamor for a longer comment period on proposed Real Estate Settlement Procedures Act regulatory reform grew louder as House lawmakers joined ranks with the mortgage industry in calling for an extension. Last week, Reps. Ruben Hinojosa, D-TX, and...
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Washington. Approximately 200 consumers who were victimized by... Massachusetts. A new law took effect May 1 requiring mortgage... Kentucky. A comprehensive “emergency” bill was signed into... Arizona. Consumers may request a security freeze on their...
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Government Accountability Office: Study on Fair Lending Enforcement. The GAO has begun a study of federal monitoring and... Federal Trade Commission, Department of Justice: Practice of Law in Real Estate Transactions. The FTC and the DOJ have submitted a...
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The Joint Forum of the Basel Committee on Banking Supervision published a... C. Richard Miserendino has been named the new administrative law judge for the... The Conference of State Bank Supervisors and the American Association of...
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