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Inside the CFPB

January 14, 2008

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FAS 140 Effect on ASF Framework Clarified

Wall Street’s streamlined plan for fast-track loan modification will get no accounting challenges from the Securities and Exchange Commission as long as mortgage servicers stick to the plan’s servicing framework. The SEC provided its assurance in a... Read More

States’ Online Licensing System Goes Live

Despite concerns about enforcement costs, the mortgage industry expressed full support for states’ efforts to streamline and coordinate state mortgage regulation through a nationwide, Internet-based licensing and monitoring system. Four years in the making... Read More

Reviews of Previous HMDA Data Sharpens FDIC’s Pricing Analysis

Review of 2004 and 2005 HMDA pricing data not only enabled the Federal Deposit Insurance Corp. to resolve discriminatory pricing practices but also helped the agency to refine the process used to obtain and analyze pricing information. Discriminatory pricing... Read More

CA Brokers Call for Higher Loan Limits to Avert Possible Recession

A major recession triggered by the housing and mortgage liquidity crises could hit California this year unless Congress approves pending legislation that would raise both government and conforming loan limits in high-cost areas, according to a mortgage-broker... Read More

Cleveland, Baltimore Sue Lenders To Recover Foreclosure Costs

The cities of Cleveland and Baltimore recently filed a lawsuit against mortgage lenders over high foreclosure costs resulting from the subprime mortgage crisis. In Cleveland, Mayor Frank Johnson filed a lawsuit against 21 investment banks based on a state... Read More

Despite Spike in Class-Actions, Study Finds Filings Still Low

A two year lull prior to last year’s spike in subprime-related class action filings may have been due to changes in corporate behavior as federal enforcement and corporate monitoring tightened in the wake of the Enron and Worldcom debacles. The slow down in securities... Read More

Without CRA, Subprime Meltdown, Foreclosures Would be Far Worse

The Community Reinvestment Act may have prevented the foreclosure crisis from getting much worse, at least in communities served by banks originating CRA loans, according to a new study of 2006 Home Mortgage Disclosure Act data... [Includes two charts] Read More

Fannie to Reimburse Servicers for Referrals to HOPE NOW Hotline

Fannie Mae last week announced it will reimburse mortgage servicers who refer delinquent homeowners facing potential foreclosure to the HOPE NOW hotline for counseling. The toll-free hotline is... Read More

State Roundup

New York: The NY State Banking Department has announced... Illinois: State Attorney General Lisa Madigan has sued several... New York: The State Assembly Democrats have unveiled a... Kentucky: Nationstar Mortgage LLC, formerly known as Centex Home... Read More

Federal Roundup

Federal Trade Commission: A ‘Facts for Consumer’ publication. The FTC has issued new Facts for... Federal Deposit Insurance Corporation: Fair and Accurate Credit Transactions Act. On Dec. 21, the FDIC released a... U.S. Senate: National Affordable Housing Trust Fund. On Dec. 19, Sen. John Kerry... Read More

Worth Noting …

The Federal Deposit Insurance Corp. has named Luke Brown as the associate director for compliance policy in the Division of... The American Conference Institute will present two conferences in January. The 7th National Symposium on Privacy & Security of... 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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