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Inside the CFPB

January 28, 2008

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OFHEO Raises Concerns about Loan Limits

There is much support across the board for the higher loan limit provision in the economic stimulus package approved by House lawmakers last week with strong endorsement from the Bush administration. The question is, can it be implemented effectively... Read More

House to Revisit CRA, Securitization Oversight

House Financial Services Committee Chairman Barney Frank, D-MA, has outlined his committee’s agenda for the year, including a possible revamp of the Community Reinvestment Act, reevaluation of the Home Mortgage Disclosure Act, and assessment of the adequacy of... Read More

Conservative Accounting of TDRs May Become Industry Model

Loan modifications that require no re-underwriting could trigger a “troubled debt restructuring” accounting treatment and lead to a reclassification of modified loans as nonperforming assets. Although this accounting method has been adopted by only... Read More

Experts Doubt Efficacy of Public Nuisance Suit v. Wall Street Firms

Suing on the basis of state public nuisance laws to make securitizers liable for damages wrought by mortgage foreclosures is innovative but may not stand up in court, according to legal experts. But no matter how far fetched, industry attorneys say... Read More

RESPA Class Certified: 11th Circuit Reverses after Finding Court Used Wrong Legal Standard

A federal appeals court reversed a lower court’s denial of class certification in a case alleging violation of the Real Estate Settlement Procedures Act because it had applied the wrong legal standard. In Busby v. JRHBW Realty, Inc., the U.S. Court of Appeals... Read More

Subprime Crisis, Foreclosures Heighten State Legislative Activity

The subprime market meltdown and widespread foreclosures have caused a resurgence of one of the mortgage industry’s biggest concerns – a deluge of new state consumer protection laws and regulations. A number of states are already considering or about to consider... Read More

AGs Investigate Securitizers, Rating Firms’ Roles in Losses

Securities issuers and trustees are under investigation in Connecticut and New York for allegedly withholding crucial information from investors who suffered massive losses when their subprime securities investments went sour. In Connecticut, Attorney... Read More

Groups Say MBA Report Confirms Weak Loss Mitigation Efforts

Loss mitigation numbers released recently by the Mortgage Bankers Association are raising eyebrows among consumer advocates who remain skeptical about the industry’s loan modification efforts. In a report issued Jan. 17, the MBA affirmed that many homeowners... Read More

State Roundup

Michigan. Four major servicing shops assured Gov. Jennifer Granholm that... California. The California Reinvestment Coalition, a consumer advocacy... Arizona. On Jan. 14, Gov. Janet Napolitano announced an agreement... Ohio. State Attorney General Marc Dann filed a lawsuit... Read More

Federal Roundup

Federal Trade Commission: Comments on Credit Freeze Sought. The FTC is seeking comments on the impact and effectiveness of credit... Department of Housing and Urban Development: Proposed HECM Interim Rule. HUD has proposed an interim rule that would change the... Read More

Worth Noting …

The American Conference Institute will host a conference on reverse... The National Association of Mortgage Brokers has scheduled its annual... The Conference of State Bank Supervisors will have its annual meeting... Read More

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