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Tag Archives: Mortgage Regulation

Regulators Provide Payment Details for $9.3B Foreclosure Settlement

About 4.2 million eligible borrowers should expect to receive a check ranging from hundreds of dollars to $125,000 in the next few months as part of the new agreement that replaced the Independent Foreclosure Review (IFR), regulators announced during a call Wednesday. Suzanne Killian of the Federal Reserve and Ted Wartell of the OCC explained Rust Consulting, the paying agent, will send the 4.2 million borrowers a postcard notifying them of eligibility at the end of this month, and then additional correspondence and a check should follow in 4-8 weeks.

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Servicers Distribute $46B in Relief Since National Settlement

A year after the nation's largest mortgage servicers reached a monumental settlement with 49 state’s attorneys general and several federal agencies, the five servicers have reportedly provided assistance in the amount of $45.83 billion to 550,000 homeowners, according to the Office of Mortgage Settlement Oversight reported. The greatest portion of the total $45.83 billion distributed since the settlement went to ""relief to support home ownership."" About $24.7 billion went to these efforts. Short sales made up another significant portion of servicers' efforts, totaling $19.5 billion.

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Ocwen Required to Hire Monitor after a Review of Its Servicing Practices

A review of Ocwen's mortgage servicing practices has found indications of non-compliance with recent servicing reforms, New York's Department of Financial Services announced. The exam found that Ocwen sometimes failed to provide a single point of contact for borrowers, pursued foreclosure actions on borrowers seeking loan modifications, failed to conduct an independent review of loan mod denials, and failed to ensure that borrower and loan information was accurate and up to date. Following the examination, the department is now requiring that Ocwen hire an independent monitor to review its operations and identify and report on corrective actions.

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Texas Republican Elected Chair of House Financial Services Committee

Rep. Jeb Hensarling (R-Texas) has been elected chairman of the House Financial Services Committee. Hensarling replaces Rep. Spencer Bachus (R-Alabama) who headed the committee for the past six years. Hensarling is a conservative supporter of a limited government and a free market economy. He has fought to cut government spending and reduce debt.

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New York AG Targets Credit Suisse in Second RMBS Task Force Suit

New York Attorney General Eric Schneiderman announced a complaint was filed Tuesday against Credit Suisse Securities (USA) LLC and its affiliates for allegedly misrepresenting residential mortgage-backed securities (RMBS) sold to investors. The complaint is the result of investigations carried out by the RMBS Working Group. The investigations were based on practices from 2006 to 2007, and the group alleges Credit Suisse issued $93.8 billion in RMBS during that time. By mid-2012, losses from those securities reached over $11.2 billion, or 12 percent of the total.

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Servicers Provide $26.1B in Mortgage Relief Through Settlement

Five mortgage servicers--Bank of America, Chase, Citi, Wells Fargo, and Ally--have provided over 300,000 borrowers with some form of mortgage relief as part of a settlement agreement, according to a report from settlement monitor Joseph A. Smith, Jr. As of September 30, 2012, the banks reported they have provided $26.1 billion in actual consumer relief. Short sales accounted for $13.13 billion of that amount. Part of the settlement agreement requires the banks to provide $20 billion in relief, but the servicers are not always credited on a dollar-for-dollar basis.

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Banks May Get More Time on Basel III Requirements

The implementation of the Basel III capital rules may be postponed beyond the start of 2013, according to a joint statement released by the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve. The announcement follows a comment period during which many trade organizations and institutions expressed apprehension about the new requirements.

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Settlement Monitor Announces Outreach for Servicemembers

The national mortgage settlement monitor, Joseph A. Smith, launched an outreach Monday to inform servicemembers of their ability to report servicing complaints online. Through the outreach, Smith wanted to specifically encourage servicemembers to report mortgage servicing complaints online to keep the Office of Mortgage Settlement Oversight better informed.

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How Proposed Basel III Rules Could Impact MSRs

The value of mortgage servicing rights (MSRs) may be changing, and the market for acquiring MSRs may be heating up. This market phenomenon is the result of the proposed Basel III capital rules applicable to banks. For non-banks, the Basel III rules may seem irrelevant, but that could be a mistake. The Basel III rules could change how MSRs are priced, who owns the MSRs, and ultimately which servicers handle servicing for the loans that relate to the MSRs.

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Credit Unions Point to Troubling Aspects of Proposed CFPB Rules

The National Association of Federal Credit Unions expressed its opposition to the Consumer Financial Protection Bureau's proposed rule on mortgage application and settlement disclosures. The association asserted Tuesday in a letter to the federal agency that the rule places undue regulatory burdens on credit unions and will likely cause some institutions to leave the mortgage market altogether.

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