The Department of Housing and Urban Development’s fiscal 2014 budget proposal is in for some rough sailing in Congress as House appropriators, unmoved by pleas to soften the impact of sequestration, criticized HUD’s lack of commitment to fiscal reform. Appearing as the sole witness before the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies, HUD Secretary Shaun Donovan had an earful from Republican lawmakers who expressed “deep concern” about the lack of comprehensive reform proposals in the proposed budget. Subcommittee Chairman Tom Latham, R-IA, expressed...
A major mortgage lender and four private mortgage insurance companies – all co-defendants in a class-action lawsuit over captive reinsurance – failed to convince a federal court that the case should be thrown out because the charges were brought well after the timeframe allowed under the Real Estate Settlement Procedures Act. Instead, the U.S. District Court for the Eastern District of Pennsylvania ruled that the mortgage borrowers should have the benefit of “equitable tolling,” which allows plaintiffs to bring cases beyond the normal limits of the law if the defendant actively misled them or the plaintiff was prevented in some extraordinary way from asserting his rights in a timely manner. RESPA generally requires...
Democrats in Congress are putting pressure on federal regulators to increase oversight of servicers due to problems with independent foreclosure reviews and the $25.0 billion national servicing settlement. The regulators have pushed back to some extent while indicating that servicers will be subject to tighter oversight going forward. In 2011, consent orders from the Federal Reserve and the Office of the Comptroller of the Currency required independent foreclosure reviews to be completed by 14 servicers with the help of consultants. In January, most of the servicers agreed to stop the reviews and alternatively provide $8.5 billion in relief to borrowers. The regulators acknowledged...
The Consumer Financial Protection Bureau last week issued a small-entity compliance guide on its groundbreaking ability-to-repay rule promulgated in January. It’s a document that may help smaller firms but leaves big players wanting more. “Our goal with this guide is to provide a comprehensive rule summary in a plain language and Frequently Asked Questions format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff,” the CFPB said. The bureau recommended...
House Republicans were unmoved by pleas from HUD to soften the impact of sequestration and criticized the agency for a lack of commitment to fiscal reform.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
Democrats in Congress have raised concerns about how five banks have responded to new servicing standards included in the $25 billion national servicing settlement.
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