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Tag Archives: Association of Mortgage Investors

Industry Calls for Less GSE Action, More Investor Protection

At a congressional hearing Wednesday, witnesses voiced concerns about the government's participation in the mortgage market as well as the lack of transparency between servicers and investors. One analyst described the U.S. housing finance system, where the GSEs account for over 90 percent of new mortgages, as ""problematic."" Others said government is crowding out the private market with programs that make below-market-rate loans available to nearly all borrowers, and they advocated for the expiration of increased conforming loan limits.

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Association of Mortgage Investors Expresses Grievances

The Association of Mortgage Investors has sent letters to a handful of large banks expressing concerns on behalf of its members who hold residential mortgage-backed securities certificates. The mortgage investors called for enforcement of repurchases based on what they described as ""significant breaches"" of representations and warranties that have been discovered in the underwriting of loans, and voiced concerns that servicers are putting more effort into modifying their own loans than those of investors.

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Robo-Signing Settlement Disputes Continue After Wednesday’s Meeting

Attorneys general and federal regulators sat down with major servicers this week to discuss the details of the robo-signing settlement. Both sides have submitted their own version of what they believe a settlement should look like, and this week's meeting is just the first in what will likely be a long period of negotiations. Banks have repeatedly spoken out against what they believe to be terms that are too harsh and may even encourage moral hazard. Mortgage investors are also weighing in on the proposed terms.

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Investors Say Transparency is Necessary for a Recovery

The Association of Mortgage Investors (AMI) said on Wednesday they consider the Obama administration's GSE reform white paper a good start, but the organization says the plan is missing a key ingredient: transparency. The consensus among industry experts, White House officials, and lawmakers is that private capital must return to the market, but AMI says it sees a number of omissions in the proposal that will frustrate the success of a private market revival.

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Association of Mortgage Investors Encourages Bank Transparency

Banks already facing many legal issues have yet another group on their hands that is closely examining servicing practices and demanding greater transparency. The Association of Mortgage Investors has released a white paper featuring remedies to restore and stabilize the U.S. mortgage and housing markets. The group of investors accuse servicers of making the mortgage process confusing. Their paper says they look forward to continued reviews and the involvement of state attorneys general.

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Paperwork Missteps to Prolong Foreclosure Crisis in Certain States

Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did not follow legal procedures in preparing the required documentation. These paperwork problems are widely expected to draw out the already devastating foreclosure crisis in the affected areas. We've dug a little deeper to provide a list of the states where judicial foreclosures are the standard and that are most likely impacted by the foreclosure suspensions announced.

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