A number of major mortgage servicing companies have been directed to submit to Congress plans for implementing mass modifications of troubled mortgages. Calls to servicers for more aggressive cures for troubled mortgages has grown louder in recent weeks as industry loan modification efforts seem to have had little impact in heading off rising foreclosures around the...
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The Department of Housing and Urban Development will soon issue guidance for implementing the government’s $300 billion borrower-rescue plan, the HOPE for Homeowners program, and other FHA programs in areas where there are fewer FHA-certified appraisers. The guidance will spell out how to handle the rising volume of FHA business, including the H4H program, in volatile housing markets...
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Community bankers are urging the Federal Deposit Insurance Corp. not to let IndyMac Bancorp’s failure influence an agency proposal to raise the rates banks and thrifts pay for deposit insurance. The Independent Community Bankers of America is concerned that community banks are going to be charged higher premiums because of IndyMac’s collapse, which is going to be more expensive to the FDIC...
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The Federal Deposit Insurance Corp. has adopted an interim rule that will help insured depository institutions avoid potential liquidity problems and prevent losses to insured depositors. Taking immediate effect Oct. 10, the interim rule simplifies deposit insurance rules for mortgage servicing accounts to prevent withdrawals of mortgage principal-and-interest payments...
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The Community Reinvestment Act offers attractive incentives for covered banks and thrifts to mitigate the adverse effects of vacant and foreclosed properties in communities served by the institutions, according to a federal banking regulator. There are a number of activities related to foreclosed properties that can earn CRA credits, said Barry Wides, Office of the Comptroller of the...
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Financial institutions will soon find out if the ID theft red flag programs they have developed to reduce the risk of identity theft meet regulatory approval. The rules went into effect Jan. 1 this year, and business must comply by Nov. 1. Financial institutions are expected to be in compliance by the mandatory compliance date. Under the Red Flag rules published by...
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A series of meetings with Bush administration officials left the mortgage industry with no hope of delaying a final rule on Real Estate Settlement Procedures Act reform. Several groups including the Mortgage Bankers Association, Consumer Mortgage Coalition and National Association of Realtors met last month with officials from the Office of Management and Budget and...
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Illinois: Cook County Sheriff Thomas Dart, who had suspended all foreclosure evictions by his... Florida: FL Attorney General Bill McCollum announced a consumer protection plan targeting improper... Maryland: The state Commissioner of Financial Regulations has proposed two regulations to implement... Illinois. The state Department of Financial and Professional Regulation will conditionally...
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Federal Housing Finance Agency: FHFA Unlocks FHLBank Subsidies. The Federal Housing Finance Agency is freeing up Federal Home Loan Bank affordable housing subsidies to help lenders... Department of Veterans Affairs: Congress OKs Higher VA Loan Limits. The “Veterans’ Benefits Improvement Act of 2008” has been approved by both the House and the Senate and sent to the...
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The Federal Trade Commission has warned consumers to be careful about emails that... Five Los-Angeles securities brokers were charged with fraud by the Securities and... Standard & Poor’s has lowered the counterparty risk rating of United... The Mortgage Bankers Association has hired Len Wolfson, formerly with Department of... The American Enterprise Institute will be presenting its third national...
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Sen. Chris Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said he plans to introduce legislation to complement the financial rescue plan recently signed into law. Dodd said he intends to include homeownership preservation, predatory lending, bankruptcy reform and credit card reform in the legislative package. Dodd expressed support for...
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