Cart

Inside the CFPB

October 29, 2007

View Archived Issues

Frank’s Anti-PL Bill Disappoints Industry

Legislation designed to reform mortgage practices and curb abusive lending elicited mixed but intense reactions from stakeholders and lawmakers, as House Financial Services Committee Chairman Barney Frank, D-MA, unveiled his long-anticipated bill last week... Read More

ASF Moves to Ease Investor Concerns

Wall Street is developing new reporting standards and model pooling and servicing provisions to allay investor concerns about loss mitigation strategies servicers use to help troubled borrowers avoid foreclosure and minimize investor losses. The latest initiatives... Read More

ASF Bemoans Absence of Uniform National Standards in H.R. 3915

Wall Street has warned Congress not to be hasty in passing anti-predatory lending legislation that could disrupt the mortgage securities market. In testimony submitted to the House Financial Services Committee, the Securities Industry and Financial Markets... Read More

Assignee Suits Eliminated

A top compliance expert said the language of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, would eliminate the possibility of class-action lawsuits against assignees but would leave open the possibility of class actions against mortgage... Read More

Kanjorski Seeks to Incorporate Reform Proposals into H.R. 3915

A ranking Democrat is seeking to boost forthcoming anti-predatory lending legislation with proposals for curbing abusive and deceptive mortgage servicing and appraisal practices, especially in the subprime market. Rep. Paul Kanjorski, D-PA, chairman of the House... Read More

House Judiciary Panel Delays Cramdown Legislation Markup

Pressure from a bipartisan group of lawmakers seeking compromise on mortgage “cramdown” legislation has forced the House Judiciary Committee to withdraw its bill from markup last week. The Mortgage Bankers Association reported that 47 “Blue Dog” Democrats, who... Read More

Consumer Panel Seeks Stronger Underwriting Standards from Fed

The Federal Reserve met with its consumer advisory council last week to discuss the agency’s efforts to issue revised rules under the Home Ownership and Equity Protection Act, even as Congress threatened to eclipse those efforts. Consumer groups urged the Fed... Read More

State Roundup

Ohio. A federal district court judge for Ohio’s southern district has... Florida. State and federal enforcement agencies have announced a... Idaho. The state’s Department of Finance will begin participating... Texas. The state’s Department of Banking and the Office of the... Read More

Federal Roundup

House of Representatives: Affordable Housing Trust Fund. On Oct. 10, the House approved legislation that would create a trust fund for...U.S. Senate: Foreclosure Avoidance. Sen. Norm Coleman, R-MN, has introduced legislation that would allow troubled borrowers to... Read More

Worth Noting …

The Federal Deposit Insurance Corp. has reorganized... Wachovia Corp., which has sued to force Ameriquest... The National Association of Mortgage Brokers West conference... The Consumer Bankers Association’s Fair Lending Conference... The Real Estate Service Providers Council’s Fall... Read More

HUD Grants Temporary Relief to Seller-Funded DAP Providers

The Department of Housing and Urban Development has allowed two major providers of seller-funded downpayment assistance to continue offering their programs through next year. A new HUD rule that will become effective on Oct. 31 will permanently ban... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

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

View Results