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Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection

delinquent-notice

Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government's Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.

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DOJ Sues Quicken Loans for Alleged Improper Underwriting Practices

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Less than a week after Quicken Loans sued the Department of Justice and HUD, accusing them of coercing the Detroit-based lender into making false statements, the DOJ filed a lawsuit against Quicken accusing the lender of improperly originating and underwriting FHA-insured mortgages, according to an announcement from the DOJ on Thursday afternoon.

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Will Banks Benefit From Recent Non-Performing Loan Sales by GSEs?

money-steps

While the demand for high-quality mortgage-backed securities has been slow since the housing crisis, Fitch said that more major institutional buyers that are hungry for new, higher-yielding investment opportunities have emerged as suitors for bulk NPL pools. Previously, distressed mortgage buyers tended to be specialized alternative investment firms.

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Bank of America Asks for Removal of $1.27 Billion Penalty, Questions Judge’s Impartiality

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Bank of America was ordered to pay a $1.27 billion civil penalty in July 2014 as a result of its alleged role in the Hustle case. The bank has been fighting to overturn that verdict since, claiming that the Hustle program ended prior to its July 2008 acquisition of Countrywide. Rakoff rejected a motion by the bank to have the verdict reversed in early February. He also rejected the bank's motion for a new trial at that time.

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