House Financial Services CommitteeBills to Shut Down Ineffective Foreclosure Programs. Financial Services Committee Chairman Spencer Bachus, R-AL, announced a subcommittee hearing and a full committee markup of four bills that will eliminate...
The Federal Trade Commission has announced the appointment of Edward Hassi as chief litigation officer for the agency’s Bureau of Competition. He replaces J. Robert Robertson, who left the agency in 2010 to return to private practice. Hassi is formerly a partner at the Washington, DC, law firm O’Melveny & Myers, where he served...
H.R. 463 has been introduced in the House of Representatives to extend the Freedom of Information Act to Fannie Mae and Freddie Mac during periods when they are in conservatorship or receivership, as they are now. Rep. Jason Chaffetz, R-UT, who introduced the bill, noted that...
The Department of Justice and state attorneys general are watching the mortgage servicing arena closely for signs of unfair or discriminatory business practices, and whether minority borrowers are receiving loan modifications on par with similarly situated non-minority borrowers. While fair lending on the loan origination side remains...
The Obama administration has submitted a plan to Congress for reforming the nation’s housing finance market, including fixing the basic flaws in the mortgage financing chain. Among other things, a top administration priority for the immediate future is a series of reforms to correct problems in...
The Financial Services Roundtable has circulated a draft letter commenting on the Securities and Exchange Commission’s study on the possible standardization of credit ratings terminology. The Roundtable said it believes the SEC should continue to allow credit rating agencies to use...
The U.S. Bankruptcy Trustee, which is part of the Department of Justice, is seeking authority from a Connecticut bankruptcy court to investigate apparent document forgeries and fabrications that appeared mysteriously in a foreclosure case. Tracy Hope Davis, U.S. Trustee for Region 2, has filed...
Federal Housing Administration Anti-Flipping Waiver Extended. The FHA has extended its temporary anti-flipping waiver to hasten the resale of foreclosed homes in neighborhoods with high foreclosure rates. With certain exceptions, current FHA regulation prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, the FHA temporarily set...
State courts are fixing the foreclosure mess with tough measures, including a requirement for lawyers, lenders and service providers in foreclosure cases to vouch for the accuracy of documents they submit. In New Jersey, Chief Justice Stuart Rabner announced...
The Massachusetts Supreme Judicial Court (SJC) handed the mortgage industry something to crow about regarding the validity of mortgage loan assignments in foreclosure cases – which, ironically, may not amount to a hill of beans beyond the Bay State, according to compliance experts. Contrary to claims of consumer victory and negative implications for the mortgage industry, the SJC in U.S. Bank National Association v. Ibanez held...
RSS