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Inside the CFPB

August 20, 2007

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Industry Urges Fed to Stick to Subprime

Lender trade associations have urged the Federal Reserve to limit its use of rulemaking authority under the Home Ownership and Equity Protection Act to the subprime market, even as consumer advocates argued for broader HOEPA rules and more comprehensive... Read More

Market Crisis Improves FHA Bill’s Chances

Mounting concerns about mortgage credit availability are stoking hopes that legislative reform of the federal mortgage insurance program will finally pass in this Congress. Industry participants say there is now greater interest in, and support for, an... Read More

Regulators Seek Comment on Proposed ARM Disclosure Models

Federally regulated banks, thrifts and credit unions have until Oct. 14 to comment on two proposed disclosure formats designed to inform consumers about the risks and benefits of certain subprime adjustable-rate mortgage products. Institutions are not required... Read More

Dodd, Clinton Lay Out Solutions For Current Loan Market Woes

The Mortgage Bankers Association is weighing plans of two Democratic presidential candidates to address rising foreclosures and other current mortgage market issues. Earlier this month, Sens. Chris Dodd, CT, and Hillary Clinton, NY, announced their strategies to... Read More

MBA Supports Retention of Contentious Seller-Funded DAPs

Despite evidence that seller-funded downpayment assistance has been abused, eliminating such programs is not the answer, according to the Mortgage Bankers Association. While agreeing on the risks posed by seller-funded DAPs to homebuyers and the FHA Mutual... Read More

Views Sought on Anti PL Bill

House Financial Services Committee Chairman Barney Frank, D-MA, is asking mortgage industry stakeholders to comment on a legislative framework for an anti-predatory lending bill he and two other Democrats plan to introduce in the fall. Frank’s legislative staff... Read More

2nd Circuit Creates New Conflict With Other Courts over Markups

A recent ruling by the U.S. Court of Appeals for the 2nd Circuit has rekindled conflict among federal appellate courts over their view of illegal markups – this time with a different twist. In an Aug. 8 decision in Cohen v. JPMorgan Chase, the court for the first time... Read More

State Roundup

North Carolina: Gov. Mike Easley signed three new bills into law Aug. 16... New York: The NY State Banking Department has notified supervised mortgage... Texas: Legislation was enacted allowing a registered financial services company to... Read More

Federal Roundup

Office of Thrift Supervision: Updated Exam Handbook. The Office of Thrift Supervision has revised... Department of Veterans Affairs:Appraisal Reports. The VA has adopted a new policy for appraisal reports... Federal Financial Institutions Examination Council:Community Development Lending. The dollar volume of loans... Read More

Worth Noting…

Lotstein Buckman’s iComply, a compliance database service... The USFN (U.S. Financial Network), a professional network of... The Consumer Bankers Association will have its annual... The National Real Estate Development Center will host... Wolters Kluwer Financial Services/PCi is having... The Mortgage Industry Emerging Markets & Diversity Conference will... The Consumer Bankers Association’s Fair Lending Conference will... Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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