Cancelled Furlough Days. The Department of Housing and Urban Development has reduced the number of furlough days from seven to five days due to progress made in achieving the $69.6 million spending cuts mandated by sequestration. In this regard, previously scheduled furlough days of Aug. 16 and Aug. 30 are cancelled. As the end of FY 2013 approaches, HUD is making significant progress towards reaching its sequestration target, without needing additional furlough days, said Deputy Press Secretary George Gonzalez of HUD’s Office of Public Affairs. Government-wide automatic spending cuts became effective ...
Federal regulators next week will propose a new version of the controversial rule setting risk-retention requirements for issuers of non-agency mortgage securities that are not backed by qualified residential mortgages. Among other significant changes, the new proposed rule will likely eliminate premium capture cash reserve account requirements, according to the American Securitization Forum. The Federal Deposit Insurance Corp. has a meeting scheduled for Aug. 28 to discuss ...
Recent supervisory efforts by the Consumer Financial Protection Bureau have focused on “sloppy” servicing transfers and other loss mitigation issues. In a “supervisory highlights” review published this week, the CFPB said that between November 2012 and June 2013, it discovered several issues with servicing transfers that can cause borrowers to miss payments, delay important processes or affect the good standing of a borrower’s mortgage. The CFPB said its examiners found noncompliance with ...
Servicers last week rejected offers from Richmond, CA to purchase 624 mortgages located in the city. Richmond now plans to seize the mortgages via eminent domain but has yet to make the move and faces significant opposition from mortgage industry participants. The five servicers participating in the $25 billion national servicing settlement have provided borrowers with $51.33 billion in gross relief through the end of the second quarter of 2013, according to the settlement’s monitor ... [Includes five briefs]
President Barack Obama met privately with CFPB Director Richard Cordray and other top financial regulatory officials last week in an effort to stimulate more progress in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted three years ago last month. According to various press accounts, the president’s biggest concern was reining in “too big to fail,” one area outside of the bureau’s bailiwick. Other officials in attendance included Treasury Secretary Jacob Lew and Federal Reserve Chairman...
The Department of Housing and Urban Development, as expected, recently asked a federal district court in Washington, DC, to stay further proceedings in American Insurance Association vs. HUD, a disparate impact case, while the Supreme Court of the United States considers Township of Mount Holly v. Mt. Holly Gardens Citizens in Action. “In substance, Mount Holly presents the same issue of statutory interpretation that plaintiffs seek to litigate in the above-captioned action: namely, whether a disparate impact theory...
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