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Home | Tag Archives: Dual-tracking

Tag Archives: Dual-tracking

2013 in Review: The Consumer Financial Protection Bureau

Mortgage industry commentators may argue (and they certainly have) about the Consumer Financial Protection Bureau's (CFPB) performance over the last year, but one thing is certain: The bureau knows how to command headlines. Early this year, CFPB finally issued its long awaited Qualified Mortgage (QM) guidelines along with a slew of other finance regulations. With the future of housing finance on the line, it's no wonder readers of DSNews.com couldn't tear themselves away from the news.

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CFPB Mortgage Database: Invasion of Privacy or Market Necessity?

The Consumer Financial Protection Bureau's (CFPB) ambitious effort to build a National Mortgage Database was not taken lightly by lawmakers during a Senate committee hearing Tuesday. Senators expressed discomfort over the idea of having a federal agency track consumer behavior, despite CFPB director Richard Cordray's continued emphasis on the anonymity the database will provide to individual consumers. Cordray also explained that without the database, the agency can't do its job.

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Impact of the California Homeowner Bill of Rights on Foreclosures

The California Homeowner Bill of Rights (HBR) is the main driving force behind the recent slowdown in foreclosure sales and short sales in the Golden State, according to a research report from Barclays. In addition to stalling the foreclosure process, provisions in the new bill, which took effect January 1, 2013, have also led to an increase in litigation risk for servicers, analyst at Barclays found. As a result of the HBR, Barclays believes ""servicers have become significantly more cautious when carrying out foreclosure sales"" in the state.

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Survey: Counselors Report Dual-Tracking Problems Still Persist

Banks are falling short of requirements to provide mortgage protections to homeowners as mandated by the national mortgage settlement and the California Homeowner Bill of Rights (HBOR), according to a California Reinvestment Coalition survey of housing counselors in the state. In the survey, over 60 percent of the counselors reported that Bank of America, Citibank, JPMorgan Chase, and Wells Fargo still dual-track ""sometimes,"" ""often,"" or ""always"" even though the practice is banned in California. The survey was conducted in February and March 2013 and included responses from 84 counselors and lawyers who represent hundreds of thousands of homeowners.

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