House lawmakers this week appear willing to compromise on mortgage reform legislation to ease industry and regulatory concerns, but cramdown legislation in the Senate seems headed for a tough partisan showdown. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending...
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The Consumer Mortgage Coalition called upon Congress to consider merging Fannie Mae and Freddie Mac into a new single entity that would act as a gateway for securitized mortgage products to restore liquidity to the securitization market now and maintain the integrity of the market in...
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The Consumer Bankers Association is closely watching House legislation that would expand the Community Reinvestment Act by creating a host of new requirements and potential liabilities for covered retail banks and other financial institutions. H.R. 1479, the Community Reinvestment...
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Senate Democrats are proposing a new federal agency that would study and clear financial products, including mortgage loans, to ensure they cause no financial harm to consumers or investors. The proposed Financial Product Safety Commission would function much like the Consumer...
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The mortgage industry avoided a scare in September when a federal appeals court in Wisconsin concluded that class-action relief is not allowed for rescission claims under the Truth in Lending Act, but the battle isn’t quite over. The plaintiff’s attorney, Kevin Demet, of...
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Mortgage lenders will soon find out whether their systems meet all the requirements of Fannie Mae’s and Freddie Mac’s new Home Valuation Code of Conduct, which begins implementation this week. The HVCC is slated to take effect May 1, and the two government-sponsored enterprises will...
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As today’s mortgage lenders face shrinking loan volumes, mounting credit losses, liquidity issues and volume shifting from loan production to servicing and default prevention, Ernst & Young recommends certain strategies troubled mortgage banks can hang their hats on. To remain...
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Illinois. On April 5, legislation was signed into law requiring mortgage lenders to notify borrowers who are 30 days late on their monthly mortgage payment of their right to seek foreclosure counseling. In such cases, the bill provides a 30-day reprieve during which the lender...
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Home Affordable Modification Program. A payment made to a real estate mortgage investment conduit, or REMIC, under the Home Affordable Modification Program is exempt from 100 percent tax liability, according to Notice 2009-36. Issued by the IRS April 10, the notice resolves...
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Fannie Mae’s board of directors has named Michael Williams as president and chief executive officer and a board director. He succeeds Herbert Allison, who was nominated to be the Treasury Department’s assistant secretary for financial stability and counselor to the Secretary...
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