Assignees, Loan Purchasers Face New Disclosure Obligations, Hefty Civil Penalties under S. 896
May 22, 2009
Although the servicer safe harbor provision in the new foreclosure prevention act signed into law this week drew considerable opposition from Wall Street, industry attorneys say MBS participants should also pay attention to a little noticed provision that creates new disclosure requirements and civil penalties for assignees and purchasers of residential mortgages. Specifically, under...