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Inside the CFPB

April 21, 2008

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Fed Open to Adjusting ‘High Cost’ Triggers

The Federal Reserve Board may consider raising its recommended trigger for higher-cost loans but whether it will make the change in the final draft of the Home Ownership and Equity Protection Act proposed rule remains to be seen. A source familiar with the... Read More

Adverse Proposals Push Lenders into a Corner

Mortgage industry participants fanned out on Capitol Hill last week to ask lawmakers not to “harm” the market with adverse legislation that would further constrain mortgage credit and investor appetite. Rather, the more than 160 members of the Mortgage... Read More

Industry, Consumer Groups Clash Over Fed’s Proposed HOEPA Rules

Industry and community groups are at odds on nearly every major provision of the Federal Reserve’s proposed rule amending regulations under the Truth in Lending Act and the Home Ownership and Equity Protection Act. The biggest concern of industry groups... Read More

House Committee Announces Two-in-One Foreclosure Bill

Comprehensive legislation comprised of two separate bills authored by Reps. Barney Frank, D-MA, and Maxine Waters, D-CA, was introduced in Congress to combat foreclosure and deal with its debilitating effects in states and cities. The economic and... Read More

Safe Harbor Bill Won’t Result in More Loss Mit, Industry Warns

House legislation offering legal safe harbor to mortgage servicers may neither actually spur more loan modifications nor increase servicers’ authority to perform loss mitigation beyond existing contracts, according to the mortgage industry. As a matter of... Read More

HUD Tweaks FHASecure to Get More Delinquent Borrowers

The Department of Housing and Urban Development has loosened some of FHASecure’s underwriting criteria to qualify more delinquent borrowers. But industry observers, including a former FHA commissioner, said the program needs more fine tuning and that a... Read More

State Roundup

Illinois. Legislation that would set aside interest earned on... Idaho. The Gem State has adopted revisions to its Residential... Maryland. A tough new foreclosure law requires mortgage lenders or... South Carolina. Under the Palmetto State’s new security... Read More

Federal Roundup

Federal Trade Commission: FDCPA Opinion. Debt collectors discussing settlement options with consumers in connection with a foreclosure is not violating the Fair Debt Collection Practices Act, according... Read More

Worth Noting …

Fannie Mae has provided additional information on conforming jumbo... The Federal Trade Commission and the Better Business Bureau of... The New York State Banking Department has appointed Dianne Dixon... The National Urban League has launched a foreclosure... Read More

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