Cart

Inside the CFPB

April 27, 2009

View Archived Issues

H.R. 1729 Goes to Markup, Cramdown to Vote

House lawmakers this week appear willing to compromise on mortgage reform legislation to ease industry and regulatory concerns, but cramdown legislation in the Senate seems headed for a tough partisan showdown. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending... Read More

CMC Proposes 'Gateway' in Lieu of H.R. 1728

The Consumer Mortgage Coalition called upon Congress to consider merging Fannie Mae and Freddie Mac into a new single entity that would act as a gateway for securitized mortgage products to restore liquidity to the securitization market now and maintain the integrity of the market in... Read More

Retail Bankers Concerned with Scope of Proposed CRA Changes

The Consumer Bankers Association is closely watching House legislation that would expand the Community Reinvestment Act by creating a host of new requirements and potential liabilities for covered retail banks and other financial institutions. H.R. 1479, the Community Reinvestment... Read More

Bill Introduced to Create Federal Watchdog for Financial Products

Senate Democrats are proposing a new federal agency that would study and clear financial products, including mortgage loans, to ensure they cause no financial harm to consumers or investors. The proposed Financial Product Safety Commission would function much like the Consumer... Read More

Borrowers in Landmark TILA Case Petition for SCOTUS Certification

The mortgage industry avoided a scare in September when a federal appeals court in Wisconsin concluded that class-action relief is not allowed for rescission claims under the Truth in Lending Act, but the battle isn’t quite over. The plaintiff’s attorney, Kevin Demet, of... Read More

Inconsistent Implementation of HVCC Could Pose Problems Later

Mortgage lenders will soon find out whether their systems meet all the requirements of Fannie Mae’s and Freddie Mac’s new Home Valuation Code of Conduct, which begins implementation this week. The HVCC is slated to take effect May 1, and the two government-sponsored enterprises will... Read More

E&Y Suggests Five Strategies for Troubled Mortgage Institutions

As today’s mortgage lenders face shrinking loan volumes, mounting credit losses, liquidity issues and volume shifting from loan production to servicing and default prevention, Ernst & Young recommends certain strategies troubled mortgage banks can hang their hats on. To remain... Read More

State Roundup

Illinois. On April 5, legislation was signed into law requiring mortgage lenders to notify borrowers who are 30 days late on their monthly mortgage payment of their right to seek foreclosure counseling. In such cases, the bill provides a 30-day reprieve during which the lender... Read More

Federal Roundup

Home Affordable Modification Program. A payment made to a real estate mortgage investment conduit, or REMIC, under the Home Affordable Modification Program is exempt from 100 percent tax liability, according to Notice 2009-36. Issued by the IRS April 10, the notice resolves... Read More

Worth Noting...

Fannie Mae’s board of directors has named Michael Williams as president and chief executive officer and a board director. He succeeds Herbert Allison, who was nominated to be the Treasury Department’s assistant secretary for financial stability and counselor to the Secretary... 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