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Inside the CFPB

February 13, 2009

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Brokers to Sue over Appraiser Conduct Code

The National Association of Mortgage Brokers will seek a court injunction against an appraisal code of conduct for sellers of mortgages to Fannie Mae and Freddie Mac that will take effect May 1.A top NAMB official said a lawsuit against the Federal Housing Finance Agency and the two government-sponsored enterprises will be filed soon in federal court in Virginia. There... Read More

Stimulus Bill Retains 2008 Loan Limits

House and Senate conferees dropped foreclosure prevention measures and retained the temporary higher loan limits for high-cost areas in a compromise economic stimulus bill the House approved late last week. The House approved a $787 billion package on a vote of 246 to 183 despite unanimous Republican opposition. The Senate was expected to vote on the bill as we went to press. The bill returns... Read More

Systemic Risk, Stronger Consumer Protections Top Frank’s Agenda

Regulation of systemic risk and stronger consumer protections are House Financial Services Committee Chairman Barney Frank’s top legislative priorities in 2009. During a press briefing, the Massachusetts Democrat said he will first deal with systemic risk oversight before he revives subprime lending legislation that will impose more liability on firms that securitize mortgage loans... Read More

AGs, Regulators Urge OCC, OTS to Push for More Effective Workouts

Financial institutions regulated by the Office of the Comptroller of the Currency and Office of Thrift Supervision have failed to offer sustainable loan modifications as evidenced by their high re-default rates, according to a group of state attorneys general and state banking regulators. The State Foreclosure Prevention Group called on the two federal agencies to push national... Read More

Freddie Issues More Predatory Lending Guidance to Sellers

Freddie Mac last week issued guidelines highlighting its predatory lending guidance and reminding sellers/servicers to have the tools necessary to identify and avoid such practices. Results from post-funding quality control reviews to verify that purchased loans comply with anti-predatory lending requirements prompted the decision to issue additional guidance, the... Read More

Ohio Court Ruling: Contracts Requiring Payment of Lenders’ Legal Costs Valid

A contract provision requiring a defaulting borrower to pay a lender’s reasonable attorney fees for reinstating a mortgage loan and dismissing a foreclosure action does not conflict with Ohio law or public policy, the state Supreme Court ruled. The decision was rendered in connection with a class-action lawsuit against various financial institutions that had started foreclosure... Read More

NJ Foreclosure Relief Law Raises Questions for Lenders, Servicers

A New Jersey law designed to maximize foreclosure avoidance and assistance to distressed borrowers is raising a host of problems for mortgage lenders and servicers, according to compliance experts. Enacted Jan. 9, the “Mortgage Stabilization and Relief Act,” establishes two new programs to help at-risk borrowers avoid foreclosures and gives certain borrowers a six-month forbearance... Read More

State Roundup

South Carolina. The state legislature is considering a bill that would help delay foreclosure... Ohio. OH Attorney General Richard Cordray filed suit against a mortgage broker for allegedly... Florida. On Jan. 28, a Florida district court granted summary judgment to a defendant mortgage... Read More

Federal Roundup

Federal Housing Finance Agency: Foreclosure Prevention Report. Fannie Mae’s and Freddie Mac’s loan modification efforts... OCC/OTS: Data Collection. The Office of the Comptroller of the Currency and the Office of Thrift Supervision are... Federal Reserve: Lending Standards Tightened. A majority of banks have tightened their... Read More

Worth Noting …

John Reich, director of the Office of Thrift Supervision, will step down Feb. 27.... The American Securitization Forum has elected Ralph Daloisio... The American Securitization Forum is seeking comment on its new Residential... A study released by United for a Fair Economy, a Boston-based social advocacy group... Read More

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