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Tag Archives: Attorney General

Refinance Activity Surges Following Dip in Mortgage Rates

Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported. Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA's Mortgage Composite Index. Meanwhile, the Refinance Index increased 20 percent from a week before to its highest recorded level since April 2009.

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Major Servicers Report Implementing 320 Servicing Standards

The nation's five largest mortgage servicers had 180 days to implement the 320 servicing standards outlined in the settlement reached with the U.S. Department of Justice and 49 state attorneys general. The standards address such areas as borrower communication, single point of contact, training for loss mitigation staff, and document execution related to foreclosure actions. And as described by the attorneys general's own negotiating committee, to put all the required changes in place involved ""a massive undertaking.""

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Final California Homeowners’ Rights Bills Signed into Law

California attorney general Kamala Harris announced Tuesday that the final parts of the California Homeowner Bill of Rights were signed into law by Governor Jerry Brown. The governor signed three bills: SB 1474, AB 1950, and AB 2610. The governor previously signed into law three other components of the Homeowner Bill of Rights. All aspects of the California Homeowner Bill of Rights will take effect at the start of 2013.

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CRC: Banks Need to Step Up Principal Reduction Efforts

The California Reinvestment Coalition (CRC) issued a release Thursday criticizing the banks on going back to business as usual by forgoing principal reduction efforts and prioritizing short sales, a plan most banks were using before the settlement was announced. While California attorney general Kamala Harris managed to negotiate a plan that includes $12 billion in principal reduction for homeowners in the state, CRC said banks have been reluctant to uphold that responsibility.

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Final Homeowners’ Rights Bills Pass in California Legislature

California attorney general Kamala Harris announced Thursday that the final parts of the California Homeowner Bill of Rights have passed out of both houses and are awaiting action from the governor. Harris said the entirety of the Homeowner Bill of Rights stems from need to help homeowners and implement the sorts of reform that were outlined in the national mortgage settlement. Once signed into law, all aspects of the legislative package will take effect at the start of 2013.

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California Anti-Blight Bill Signed into Law

California governor Edmund G. Brown signed into law a bill to help combat neighborhood blight, state attorney general Kamala Harris announced Monday. The bill-AB 2314-gives new homeowners additional time to fix any code violations in a home before local agencies move in to enforce the codes. It also extends indefinitely an existing provision that requires the owner of a foreclosed property to maintain the property.

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Nevada Committee Passes $11.7M Foreclosure Help Proposal

The Nevada Legislature's Interim Finance Committee passed an $11.7 million proposal to address mortgage fraud and the state's foreclosure crisis, attorney general Catherine Cortez Masto announced Friday. The proposal outlines the first part of a three-year, estimated $33.5 million dollar program that uses part of Nevada's share of the national mortgage settlement to help struggling homeowners.

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Massachusetts AG Urges FHFA to Rethink Stance on Principal Reduction

Massachusetts attorney general Martha Coakley issued a letter Thursday to Fannie Mae, Freddie Mac, and their conservator, FHFA, reminding the agency and mortgage giants that they are required to offer reasonable loan modifications in the state and urging flexibility on principal reductions. In a letter addressed to FHFA acting director Edward DeMarco, Coakley outlines a law recently passed in Massachusetts that requires creditors to ""make commercially reasonable efforts to achieve a commercially reasonable loan modification.""

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Arizona Attorney General Files Loan Mod Scam Suits

Arizona attorney general Tom Horne announced the filing of two lawsuits against Arizona companies offering allegedly fraudulent mortgage modification services to distressed homeowners. Horne brought suits against Phoenix-based Making All Homes Affordable, LLC (MAHA) and Tucson-based La Paz Source, LLC, alleging fraudulent practices by the two companies.

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LPS Settles Criminal Charges in Missouri

LPS Settles Criminal Charges in Missouri Lender Processing Services, Inc., announced Thursday that an agreement was reached between subsidiary DocX, LLC, and the Attorney General Chris Koster. The agreement between the parties resulted in a dismissal of criminal charges pending against DocX. The Attorney General's Office alleged that DocX directed employees to falsely sign mortgage documents in the names of bank VPs without proper authorization.

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