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Inside the CFPB

January 16, 2009

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‘Preferred Provider’ Use May Violate RESPA

Settlement service providers are asking the Department of Housing and Urban Development to clarify its policy regarding the use of “preferred providers” in closing HUD-owned properties. The American Land Title Association warned FHA Commissioner Brian Montgomery that the policy of directing title services appears to be in violation of the Real Estate Settlement Procedures Act... Read More

Stakeholders Seek Cramdown Compromise

Industry participants are quietly negotiating with key lawmakers over cramdown legislation despite their public opposition to the measure. Talks intensified after last week’s surprise announcement by Citigroup and key Senate Democrats of a compromise bill they hoped would pave the way for industry support of cramdown. The Citigroup compromise... Read More

Comes with TARP Reform: Congress Mulls Loss-Sharing in Loan Modification Legislation

Congress is considering legislation that would establish a systematic foreclosure prevention and mortgage modification program, including federal loss-sharing with lenders and modification incentives for mortgage servicers. Introduced in the House by Rep. Barney Frank, D-MA, H.R. 384, the “TARP Reform and Accountability Act of 2009,” would create a systemic... Read More

HUD Actions: H4H Rules Eased, Renewal Rules Tightened, PFS Relief Pitched

The Department of Housing and Urban Development continued to tweak the lackluster HOPE for Homeowners program, pitched for pre-foreclosure sales loss mitigation, and tightened rules governing annual renewal of FHA approval. HUD finally implemented long-awaited changes that are designed to broaden borrower and lender participation in the H4H program. Stringent requirements and high... Read More

Lenders Settle Deceptive Ad Complaints with Regulator

Three mortgage loan advertisers have entered into an agreement with the Federal Trade Commission to settle charges of deceptive advertising by failing to disclose key loan terms in mailed solicitations. The FTC said Good Life Funding and Innova Financial Group, both based in California, and American Nationwide Mortgage Co. made misleading claims in their ads that borrowers could... Read More

NY AG, Brokers Settle Alleged Discriminatory Lending Practices

Two mortgage brokerage companies have agreed to pay $665,000 in restitution to minority borrowers who were allegedly charged higher fees than white borrowers, according to a settlement agreement announced Jan. 7 by New York Attorney General Andrew Cuomo. The investigation of the two companies – HCI Mortgage and Consumer One Mortgage – resulted from a joint investigation by... Read More

Agencies Emphasize Foreclosure Prevention in CRA Q&A Guidance

Foreclosure prevention programs aimed at helping low- or moderate-income families keep their home and avoid foreclosure will count as a “community development service” under the Community Reinvestment Act, according to revised CRA guidance published by federal thrift and banking regulators. The agencies also clarified that, to qualify as a community... [Includes two charts] Read More

State Roundup

New York. On Jan. 7, the New York State Banking Department issued an... New Jersey. Gov. John Corzine, D, signed into law the Mortgage Stabilization and... Pennsylvania. The state Department of Banking has issued final rules Dec. 20 regarding... Washington. On Jan. 6, a state appellate court in Ameriquest Mortgage Co. v. State Attorney... Kentucky. State Attorney General Jack Conrad approved a settlement with... Read More

Federal Roundup

Department of Housing and Urban Development: SAFE Act Guidance. HUD has issued new guidance on how it... Federal Trade Commission: Foreclosure ‘Rescue’ Operator Settles. A mortgage foreclosure rescue service that claimed it... Office of Thrift Supervision: Contact for ECOA Complaints. The OTS has updated its contact information for consumers with... Read More

Worth Noting …

Shaun Donovan, President-elect Obama’s pick to head the Department of Housing and Urban Development, hopes to... Fannie Mae and Freddie Mac have extended the suspension of foreclosure sales and evictions from single-family... A recent report from Moody’s Investor Services suggests that the Federal Home Loan Banks may take an unrealized $13.5 billion... Read More

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