Cart

Inside the CFPB

August 11, 2008

View Archived Issues

‘Rescue’ Plan Gets Implementation Priority

Congress wants to make sure there will be no delays in implementing the $300 billion borrower-rescue package under the FHA, which will take precedence over other provisions in the recently enacted omnibus housing legislation. Emerging from a recent meeting with the board overseeing the FHA bailout program, Senate Banking Committee Chairman Christopher Dodd, D-CT, said... Read More

Call for RESPA Rule Withdrawal Intensifies

Once again, Real Estate Settlement Procedures Act reform is facing tough challenges from the mortgage industry and Congress. The question is whether federal housing regulators will cave in as they did the last time. So far, HUD is keeping quiet about how it plans to respond to letters from lawmakers and industry groups calling for the withdrawal of the current RESPA reform proposal... Read More

HERA Gives State Regulators More Power over Originators

The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are taking the lead in the registration of all loan originators in a central nationwide database for tracking and enforcement purposes. The Housing and Economic Recovery Act of 2008, requires the licensing and registration of all loan originators to prevent mortgage fraud... Read More

House Leaders Urge Servicers to Forbear Foreclosures until Oct. 1

House Financial Services Committee Chairman Barney Frank, D-MA, and other top Democrats have called upon mortgage servicers to withhold foreclosure action over the next few months and help distressed homeowners to qualify for the FHA-backed “HOPE for Homeowners” refinance program. In a letter sent to a number of major servicers and industry trade groups last week, Frank asked the organizations... Read More

GSEs Boost Incentives for Foreclosure Avoidance

The nation’s biggest housing government-sponsored enterprises have announced major increases in their cash incentives available to loan servicers who help delinquent borrowers avoid foreclosure. Freddie Mac, which reported an $821 million loss in 2Q08 last week, has doubled its incentive package. Compensation for repayment plans will rise from $250 to $500, while the incentive payment for... Read More

HUD’s IG Recommends Action vs. Failed Lender for RESPA Violation

The Department of Housing and Urban Development’s Inspector General has recommended the removal of wholesaler First Magnus Financial Corp.’s approval to originate mortgages for FHA insurance due to illegal payments to mortgage brokers. That may be moot since the lender is no longer in business. Going under, however, does not necessarily mean that the owner and top executives of defunct... Read More

Countrywide Seeks Transfer of State UDAP Suit to U.S. Court

Attorneys for Countrywide Financial Corp. have petitioned a California federal court for removal of a state attorney general lawsuit against the lender that is currently pending in state court. The defense team from the Los Angeles-based law firm O’Melveny & Myers argued that the lawsuit filed by CA Attorney General Edmund Brown June 25 asserts a number of state-law claims that “require... Read More

Bay State AG, Investor Agree to Modify Fremont’s ‘Unfair’ Loans

Massachusetts borrowers who got “structurally unfair” hybrid adjustable-rate mortgages from a former California subprime mortgage lender will have their interest rates permanently reset to the introductory rate. The announcement was made by MA Attorney General Martha Coakley, who signed an agreement July 31 with the purchaser of the loans, WMD Capital Markets... Read More

State Roundup

New York. The New York State Banking Department warned lenders that the practice of... California. Gov. Arnold Schwarzenegger, R, launched the “Community Stabilization Home... Oklahoma. “Better late than never” ought to be the Sooner State’s new motto. The state’s... Delaware. Legislation was signed into law July 9 requiring independent housing counselors... Read More

Federal Roundup

Federal Financial Institutions Examination Council: 2007 CRA Data. Federal banking and thrift regulators have announced the availability of 2007 Community Reinvestment Act data on lending to small businesses and small... Department of Housing and Urban Development: RESPA Settlement. HUD has settled its lawsuit alleging kickbacks and sham business arrangements against Property I.D. Corp., a large hazard reporting firm in... Read More

Worth Noting …

The Federal Trade Commission and the California Office of Privacy Protection will co-host a half-day public workshop in Los Angeles Aug. 13 on how businesses can... The Office of the Comptroller of the Currency will host a conference on fair lending risk assessment at the Astor Crowne Plaza in New Orleans’... The American Enterprise Institute will have its fifth annual conference... Read More

Fed Raises HOEPA Trigger

The Federal Reserve Board has raised to $583 the dollar amount of fees that trigger additional disclosure requirements for high-cost loans under the Truth in Lending Act. The new trigger takes effect Jan. 1, 2009. The adjustment is based on the annual percentage rate reflected in... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results