Judge Rya Zobel of the U.S. District Court for the District of Massachusetts last week granted Bank of America’s motion for an extension of time to respond to the call for injunctive relief from a group of BofA homeowners that asked the court to dismiss the bank’s foreclosures on their homes...
Philadelphia-based Shaffer & Gaier, a consumer protection law firm, has been racking up a series of foreclosure dismissals against some of the biggest mortgage lenders in the land lately, including Bank of America, Citibank, Chase Home Finance and, most recently, U.S. Bank...
The Seattle-based law firm Keller Rohrback has begun beating the bushes for borrowers who were obligated to accept forced-placed insurance on their mortgages by Bank of America, JPMorgan Chase or other top servicers in the country...
Three industry groups are asking federal regulators to provide some flexibility for lenders in complying with Regulation B adverse action notices as they would be amended under a proposed rule issued at the end of February by the Federal Reserve Board and the Federal Trade Commission...
Arizona. Foreclosure documentation standards legislation has been introduced that would require servicers to ensure that all foreclosure documents filed or recorded are accurate, verified or acknowledged by an individual with personal knowledge of the information contained in the documents (HB 2383)...
Consumer Financial Protection Bureau. Joint enforcement effort. Last week, the Consumer Financial Protection Bureau and the Presidential Initiative Working Group of the National Association of Attorneys General announced a cooperative enforcement agreement to jointly target abusive financial services practices, including those relating to mortgages...
Standard & Poor’s Ratings Service late last week dropped its outlook on the debt issues of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System from stable to negative while affirming its respective debt issue ratings. S&P also dropped its outlook for 10 of the 12 Federal Home Loan Banks – excluding the FHLBanks of Chicago and Seattle – from stable to negative while affirming their “AAA” long-term counterparty credit ratings. …
Servicers must achieve “quality right-party contact” (QRPC) with borrowers as a means of determining a delinquent homeowner’s willingness and ability to pay his mortgage under new standards Fannie Mae has laid out regarding the management of loans in danger of default.Fannie’s issuance of servicing standards this week is in compliance with the Federal Housing Finance Agency’s Servicing Alignment Initiative announced in late April to establish consistent mortgage loan servicing and management requirements for servicers acting on behalf of Fannie and Freddie Mac.
The watchdog agency charged with overseeing the regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks said it has numerous audits and evaluations of the Federal Housing Finance Agency in the pipeline.According to two separate but related reports by the Office of the Inspector General of the FHFA issued late last month, the FHFA-OIG is in the midst of a total of 17 ongoing or planned reviews of the Finance Agency.
The Congressional Budget Office is recommending changes in how the government accounts for programs that dominate the residential mortgage market, which could make the FHA program less at-tractive, politically, and shape the post-Fannie/Freddie market. In a pair of recent reports, the CBO said the government should adopt fair-value accounting for assessing the cost of the FHA, Fannie Mae and Freddie Mac in the federal budget. Congress currently uses special rules mandated by the Federal Credit Reform Act of 1990 in creating annual budgets for the FHA, while the government-sponsored enterprises are...
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