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Inside the CFPB

December 10, 2007

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Wall Street Agrees to Rate-Freeze Plan

The Bush administration and Wall Street last week agreed on a compromise strategy that could help reduce foreclosures, help many distressed homeowners keep their homes, and buy enough time for servicers to handle the overwhelming number of subprime interest... Read More

Agencies Leery of Bill Protecting Servicers

Federal banking regulators are urging caution on a legislative proposal to provide a temporary safe harbor from legal liability for mortgage servicers who modify loans of homeowners at risk of foreclosure. The proposal was introduced by Rep. Michael Castle... Read More

Treasury-Brokered Plan Elicits Mixed Reactions from Public

While many on Wall Street and within the mortgage industry applauded the foreclosure prevention compromise brokered by the Bush administration last week, there was also significant skepticism across the board. Critics say the plan sends the wrong message to... Read More

IRS Eases Rate-Freeze Plan with Clarification of REMIC Rules

The Internal Revenue Service has clarified the conditions for excluding rate-freeze subprime loans in real-estate mortgage investment conduits from a tax challenge. The IRS revenue procedure issued in the wake of Treasury’s unveiling of a fast-track loan... Read More

House Panel Continues to Wrestle with Cramdown Bill

Mortgage cramdown legislation, which had been pending in the House Judiciary Committee, may be headed for mark-up this week. Don’t hold your breath, though, because full committee markup of H.R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of... Read More

Analysts Blame Credit Rating Agencies for Investor Losses

Wall Street analysts are spreading the blame widely for the current liquidity and housing sector crunch, but singled out flawed and misleading credit ratings for investor losses. Panelists at a recent national housing forum hosted by the Office of Thrift Supervision... Read More

2nd Circuit Appeals Court Affirms Deference to OCC Rulemaking

The New York State Attorney General’s Office may have trouble conducting future probes into the lending practices of national banks and their operating subsidiaries in the wake of last week’s appellate court ruling upholding federal preemption. In a Dec. 4... Read More

State Roundup

District of Columbia: Legislation passed by the D.C. City Council Nov. 16 would... Florida: State banking and insurance regulations and the Department of Housing and Urban... Virginia: Gov. Timothy Kaine, D, has created a foreclosure prevention task force... Read More

Federal Roundup

Federal Emergency Management Agency: Flood Insurance. FEMA has released an updated 2007 electronic edition of its booklet... Federal Reserve: Centralized Complaint Site. The Fed has announced a new Web site, where consumers can go to file... Read More

Worth Noting …

The Real Estate Services Providers Council has published its biannual Survey of State Affiliated Business Laws. The survey is a compendium of state laws and regulations that affect the ability of mortgage companies, settlement service providers, real estate... Read More

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