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Tag Archives: Dodd-Frank Reform Act

FHFA Inspector General Evaluates Pay Structure for GSE Execs

In 2009 and 2010, the Federal Housing Finance Agency (FHFA) approved salary packages totaling more than $35 million for executives at Fannie Mae and Freddie Mac. The agency's Office of the Inspector General has released a report detailing the compensation levels of GSE execs for the past two years, noting that the CEOs of Fannie and Freddie together made $17 million during that period. The report points out that although the GSEs have lost billions of dollars and depend on federal support, their senior executives continue to receive multi-million dollar salaries.

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Frank Wants Tax on Banks, Hedge Funds to Subsidize Housing Programs

House Republicans may have succeeded in passing legislation to end federal housing programs that are intended to provide assistance to unemployed homeowners and support efforts to clean up vacant foreclosed homes, but their Democratic counterparts aren't going to take it lying down. Rep. Barney Frank, the top-ranking Democrat of the House Financial Services Committee, has introduced legislation that would require the biggest banks and hedge funds to cough up $2.5 billion to keep those very same programs alive.

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House Votes to End Emergency Homeowner Relief Program

On Friday the U.S. House voted to end the Emergency Homeowner Loan Program for borrowers who are unable to make their mortgage payments because of unemployment. The fund was established under the Dodd-Frank Act to provide interest-free loans to homeowners for up to 24 months while they look for new employment. This is the second House vote to end a foreclosure mitigation program that some lawmakers claim just isn't working. The bills are not expected to pass the Senate.

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With Negative Equity Still Rising, Dodd-Frank Could Make Things Worse

Fourth quarter data from CoreLogic reveals negative and near-negative equity mortgages account for 27.9 percent of all residential properties with a mortgage nationwide, and the company says recent legislation could make a gloomy situation even darker for the hardest-hit states. Negative equity increased in the last quarter of 2010, rising from 10.8 million properties underwater in the third quarter to 11.1 million in the fourth. Today, about 23 percent of all residential properties with a mortgage are already underwater.

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Committee Votes to Kill Two Housing Programs, Delays Decision on Two

The House Financial Services Committee voted Thursday to scrap two foreclosure relief programs - one that gives underwater homeowners a federal refinancing option through FHA's Short Refi Program, and a second that provides temporary assistance to unemployed homeowners through the Emergency Mortgage Relief Fund. The two bills now move to the full House for debate. The committee was also planning to consider two separate bills to end the Home Affordable Modification Program (HAMP) and HUD's Neighborhood Stabilization Program, but votes on these have been pushed to next week.

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First Smart Phone App for Appraisal Industry to Debut in 2011

Coester Appraisal Group, a nationwide appraisal management company based in Maryland, announced the appraisal industry's first smart phone application last week. The free application, currently in beta testing and available later this year, connects Coester Appraisal Group with staff, contracted appraisers, and its lender and broker clients.

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Fed Issues Final Rule on Escrow Account Changes for Jumbo Loans

The Federal Reserve Board on Wednesday issued a final rule and proposed a second rule to revise the escrow account requirements under Regulation Z, and requested public comment on the second rule. The revisions would revise escrow account requirements for certain home mortgage loans.Under the final rule issued Wednesday, the escrow account for first-lien loans would only be required if the loan's annual percentage rate is 2.5 percentage points or more above the average prime offer rate.

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Four Federal Foreclosure Mitigation Programs on the Chopping Block

Rep. Spencer Bachus, chairman of the House Financial Services Committee, announced this week that he has scheduled a subcommittee hearing and full committee markup of four bills that will terminate what he says are ""failed and ineffective housing foreclosure programs."" On the chopping block are the Home Affordable Modification Program (HAMP), HUD's Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act.

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New Consumer Bureau to Put Down Roots Across from White House

Location, location, location. Elizabeth Warren says ""that's the real estate mantra, and the new consumer bureau is following the professional's lead."" The U.S. Department of the Treasury announced late last week that the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, D.C., just across the street from the White House complex.

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Trade Group Threatens to Sue the Fed Over Loan Officer Compensation

In the face of new loan officer compensation rules to take effect on April 1, one trade group is fighting back with threats of legal action against the Federal Reserve Board. The National Association of Independent Housing Professionals (NAIHP) said on its Web site that it has also held several high level meetings with various agencies like the Consumer Financial Protection Bureau and the Financial Crisis Inquiry Commission, and with high powered administrators like Elizabeth Warren.

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