The Consumer Financial Protection Bureau (CFPB) launched its consumer complaint database in July 2012, one year after beginning operations, and it began publishing complaint narratives in June 2015. Some financial companies expressed concern over the Bureau's publishing of complaint narratives ...
Read More »Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Angela Kleine, a partner in the San Francisco office of Morrison Foerster.
Read More »HAMP Borrowers Facing Higher Payments May Be Able to Turn to Freddie Mac
According to Treasury's Making Home Affordable Program Performance Report for Q1 2015, approximately 2.3 million homeowners had started HAMP trial modifications in the six-year existence of the program.
Read More »Steady Outflow is Driving Continuous Decline in Foreclosure Inventory
The foreclosure outflow was steady even with the lower year-over-year decline in foreclosure inventory; Black Knight found that 23 percent of all active foreclosures entering 2015 either were liquidated or went to sale during the six-month period ending June 30, 2015.
Read More »Watchdog Audit Finds HUD’s Policies Did Not Ensure HECM Borrower Compliance
In a recent audit of HUD's oversight of the Department's Home Equity Conversion Mortgage (HECM, or reverse mortgage) program, HUD's Office of the Inspector General (OIG) found that HUD's policies did not always ensure that borrowers complied with residency requirements, according to a release from the HUD OIG.
Read More »GDP Growth Rises to 3.7 Percent for Second Q2 Estimate, But is the News All Good?
Q2's real GDP growth is consistent with the positive news for most housing metrics as of late. Existing home sales are at pre-recession levels, and in the July 2015 pending home sales report released Thursday by the National Association of Realtors (NAR), pending home sales were up by 7.4 percent year-over-year. Affordability and tight inventory remain obstacles to home sales, however.
Read More »HUD to Host Conference to Discuss Furthering Fair Housing Initiatives
The Obama Administration's recent housing policies indicate that it is more serious about achieving equality in housing than any recent administration, and many of the key participants in the push for fair housing will be convening in Washington, D.C. next month to further discuss the issues.
Read More »Low- to Moderate-Income Households Struggling in Philadelphia Fed District
While much of the overall economic news has been positive as of late, a survey from the Federal Reserve Bank of Philadelphia released Wednesday indicated that low- to moderate-income (LMI) households are still struggling in the areas of employment and household stability.
Read More »Freddie Mac’s Portfolio Sees More Expansion; Serious Delinquencies Below 2008 Level
The serious delinquency rate on Freddie Mac-backed single-family residential mortgage loans fell by another 5 basis points from June to July, down to 1.48 percent and is now lower than the 1.52 percent serious delinquency rate reported for Freddie Mac-guaranteed loans in November 2008 at the start of the financial crisis.
Read More »New York Fed President Says September Rate Hike is ‘Less Compelling’ Now
At a press conference following a speech on the regional economic outlook in Buffalo on Wednesday morning, New York Fed president and CEO William C. Dudley expressed the idea that a rate hike at September's Federal Open Market Committee meeting seemed "less compelling" than it was a few weeks ago following the turbulent stock market activity earlier in the week.
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