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Inside the CFPB

June 2, 2008

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Groups Reprise Successful RESPA Strategy

Certain mortgage industry trade groups are playing up small business’ fears in their effort to water down government proposals to improve and strengthen mortgage cost disclosures under the Real Estate Settlement Procedures Act. In testimony before a recent... Read More

OFHEO Bucks Pressure to Drop AG, GSE Pact

The Office of Federal Housing Enterprise Oversight is apparently resisting calls to withdraw a proposal by Fannie Mae and Freddie Mac to adopt a Home Valuation Code of Conduct, which is part of a controversial settlement agreement with New York Attorney General... Read More

RESPA Proposal Won’t Gut Small Businesses, HUD Assures Panel

The Department of Housing and Urban Development does not think small businesses will suffer under its proposal to overhaul mortgage settlement procedures. There is no evidence small business has been disproportionately charging high prices. Hence... Read More

Fannie, ASF Expand Respective Counseling Reimbursement Rules

Fannie Mae last week alerted its servicers to changes in its borrower counseling reimbursement policy following Wall Street’s recent release of similar guidelines for servicers of MBS pools.The policy change expands on previous guidance Fannie issued... Read More

Moratorium Bill Stopped in MN, Industry Eyes New York Measure

Mortgage industry lobbying paid off in Minnesota last week with a gubernatorial veto of legislation that would have allowed eligible foreclosed borrowers to defer a sheriff’s sale for up to a year. In a May 29 veto letter to the State Senate, Republican... Read More

IRS Further Clarifies Policy on Loan Mods in REMICs, Trusts

The Internal Revenue Service has issued additional guidance under which distressed securitized mortgages can be modified without threatening the tax status of the REMIC or investment trust that holds the loans. The expansion appears to complement Treasury... Read More

Schumer Calls for FTC Probe of Countrywide’s Servicing Practices

A top Senate lawmaker has asked the Federal Trade Commission to investigate Countrywide Financial Corp.’s alleged abuse of debtors in bankruptcy. In a letter last week, Sen. Charles Schumer, D-NY, chairman of the Senate Judiciary Subcommittee... Read More

State Roundup

Illinois: Foreclosure notice legislation was withdrawn May 21 for...North Carolina: The state’s Mortgage Lending Act has been amended to... Kentucky: Legislation was signed into law which subjects mortgage... Oregon: Failing to disclose relationships with homebuilders... Read More

Federal Roundup

Department of Housing and Urban Development: Lender Settles False-Claims Allegations. National City Mortgage has agreed... Internal Revenue Service: Proposed Treatment of Mortgages as Capital Assets. The IRS has dropped a proposed... Read More

Worth Noting …

In a new policy paper, the Mortgage Bankers Association urged... Ohio Attorney General Marc Dann has resigned under threat of... The Conference of State Bank Supervisors and the American... The National Association of Mortgage Brokers will have its annual... Read More

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