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Inside the CFPB

February 25, 2008

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S.2452’s Assignee Liability Raises Fears

Assignee liability appears to be toughest under the Senate’s anti-predatory lending bill compared to similar provisions in the House version and in the Federal Reserve Board’s proposed rulemaking under the Home Ownership and Equity Protection Act, according to... Read More

OCC Calls for Wider CRA Role in Foreclosures

With damage from the subprime market crisis spreading to middle-income communities, Comptroller of the Currency John Dugan has called for changes to the Community Reinvestment Act to broaden banks’ authority to make community development investments in... Read More

Waters Draft Proposes Mandatory Pre-Foreclosure Loss Mitigation

Draft legislation requiring mortgage servicers to engage in loss mitigation before foreclosing on a mortgage has been floated on Capitol Hill as part of a renewed focus on mortgage settlement services reform. Authored by Rep. Maxine Waters, D-CA, the... Read More

Senate Democrats Open Second Battle Front on Cramdown Issue

The battle over mortgage cramdown has spilled over a second front, this time involving comprehensive housing legislation introduced recently by Senate Democrats. Announced by Senate Majority Leader Harry Reid, D-NV, with several other senators, S. 2636, the... Read More

FL Advocates Add Litigation to Foreclosure-Prevention Strategy

Mortgage servicers should carefully examine loan files when dealing with at-risk subprime borrowers in Florida, including those facing foreclosure, or risk being sued for alleged violations of consumer protection laws. Certain community groups in the Sunshine State are... Read More

Study Finds Subprime Crash Tops S&L Crisis in Lawsuits Filed

The subprime mortgage crisis is spawning litigation in federal courts at a much faster rate than was seen during the savings-and-loan meltdown of the early 1990s, according to a new study. The number of subprime-related lawsuits filed last year already... Read More

State Roundup

Illinois. Gov. Rod Blagojevich and the Neighborhood Housing Services... Florida. Gov. Charlie Crist has created a task force of bankers... Utah. The state Division of Real Estate, which issues real estate... Maryland. On Feb. 19, Gov. Martin O’Malley called for a work-session with... Read More

Federal Roundup

Federal Financial Institutions Examination Council: Revised Call Reports. Federally chartered banks will soon be adopting revised call report standards for residential mortgage loans on March 31, and reporting certain new items related to... Read More

Worth Noting …

More borrowers at risk of foreclosure will be getting... iMortgage Services in Pittsburgh, PA, is offering... The theme for this year’s National Consumer Protection... The Office of Thrift Supervision has appointed... Doug Foster is the new commissioner of the... Read More

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