Consumer complaints about mortgage foreclosure relief and debt management services providers were fewer in 2012 than in 2011, according to the Federal Trade Commission. In the FTC’s annual report listing the top consumer complaints for the past year, mortgage foreclosure relief and debt management dropped to #15 (33,791 complaints) in 2012 from #13 (38,140 complaints) in 2011. For the 13th year in a row, identity theft complaints topped the list, representing 18 percent of all consumer complaints. Complaints about real-estate fraud remained at #25, although fewer consumers complained about it last year (8,468) compared to ...
Despite its efforts to enhance its hiring outreach to minority and women potential contractors and employees during 2012, the Federal Housing Finance Agency still faces challenges finding qualified and diverse candidates.
Home prices nationwide jumped in February by the largest margin in seven years, said CoreLogic while the SEC has decided to allow public companies to Twitter and Facebook.
Fannie Mae ended 2012 with its single best quarterly and yearly profit in company history, prompting the government-sponsored enterprise to predict sustained profits “for the foreseeable future,” without taking into income any of the massive allowance it has built up related to deferred taxes. Fannie reported net income this week of $17.2 billion for 2012, compared to a net loss of $16.9 billion in 2011, with fourth quarter earnings of $7.6 billion. A year earlier, the GSE posted a $2.4 billion loss for the fourth quarter of 2011. “We had...
Most mortgage-related complaints borrowers filed with the Consumer Financial Protection Bureau stemmed from problems they had making their payments, although servicers generally turned in surprisingly high and consistent response rates for timeliness and resolution, according to an analysis of the new data by Inside the CFPB, an affiliated newsletter. Among the 90,000 consumer complaints included in the vastly expanded public database, more than 50,000 – far and away the biggest share – had to do with mortgages. About 30 percent of the mortgage complaints were leveled...[Includes one data chart]
The Securities and Exchange Commission last week cleared the way for Genworth Financial to separate its struggling mortgage insurance operations and create a new holding company structure that would shield the parent from any fallout from problems of its MI operations. The SEC granted Genworth’s request for a no-action letter, which ensures that no enforcement action would be taken based on Genworth’s interpretation of rules and regulations regarding mergers and succession, new registrant, obligations and indentures. Genworth announced...
In the first major change to loan originator test requirements since tests required by the Secure and Fair Enforcement for Mortgage Licensing Act were implemented in 2009, 20 state regulators adopted new LO tests this week. Industry participants applauded the uniformity among states, which will allow mortgage loan originators to satisfy testing requirements for multiple states in one swoop. Effective April 1, 20 states implemented uniform state content for the SAFE MLO test, five more states will adopt the test July 1 and two state agencies in Texas will adopt the test Oct. 1. MLOs seeking a license in the states will no longer be required to take a second, state-specific test component, according to the Conference of State Bank Supervisors. “This is...
The Treasury Market Practices Group announced last week that a margining recommendation for agency MBS initially set to be implemented in June will be delayed until the end of 2013. The provisions apply to primary dealers working with four broad categories of forward-settling agency MBS transactions as part of an effort to manage counterparty exposures. The implementation date was delayed in response to concerns from market participants. Timothy Cameron, managing director and head of the Securities Industry and Financial Markets Association’s asset management group, said buy-side participants need to negotiate agreements for each of their accounts, which can include thousands of documents. “It is clear many market participants will not be able...
The International Accounting Standards Board has proposed an accounting treatment that would force holders of all but the most senior tranche of an MBS to account for those assets at fair value through net income – something that has the Mortgage Bankers Association expressing concern. The MBA generally supports the introduction of fair value through an “other comprehensive income” (OCI) classification for financial assets held within a business model in which assets are managed both in order to collect contractual cash flows and for possible sale, according to James Gross, vice president of financial accounting and public policy for the trade group. However, the MBA has...
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