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Tag Archives: Mortgage Regulation

MERS to Transfer Management of MISMO to MBA

Merscorp, Inc., the parent company of Mortgage Electronic Registration Systems (MERS), has been managing the daily operations of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO) for the last two-and-a-half years. But effective December 1, 2011, Merscorp will hand that responsibility back to MISMO's parent organization, the Mortgage Bankers Association (MBA).

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DecisionReady Solutions Taps Former Title Exec to Head National Sales

DecisionReady Solutions, a California-based provider of default servicing compliance solutions, has announced the appointment of Matthew Lichtner to the position of executive vice president, director of national sales and client relations. Lichtner has over two decades of sales experience in the mortgage industry working for companies such as First American Corporation and Stewart Title Company.

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Elizabeth Warren to Depart Consumer Financial Protection Bureau

Raj Date will replace Elizabeth Warren as special advisor to the secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB) when Warren departs from the agency at the end of this month, Treasury said in a statement Tuesday. Warren is returning to her position as the Leo Gottlieb Professor of Law at Harvard Law School.

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Moody’s Mark Zandi Calls for Government Support of Housing

Five years into the housing slump, and home sales remain weak with prices falling again in many parts of the country as foreclosures and short sales are ramping up. Mark Zandi, chief economist for Moody's Analytics, says while it certainly won't be the popular move, it may be time for the government to step up temporary support for the housing market. Zandi underscores three policy recommendations that he believes could help ensure housing stays on course.

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Joint Hearing Held on Federal Regulation of Mortgage Servicing

At a hearing Thursday, two House Financial Services subcommittees came together to discuss the role of federal agencies in the creation of new mortgage servicing standards and settlements with the nation's largest mortgage servicers on foreclosure practices. Witnesses called for new universal standards for the servicing industry. ""Improving mortgage servicing will take both market reforms and regulatory reforms,"" said Mark Pearce of the FDIC.

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California Congressman Suggests GSE Merger

Rep. Gary Miller of California is introducing a new idea for GSE reform - a merger of Fannie Mae and Freddie Mac. The bill, drafted by Miller and co-sponsored by Rep. Carolyn McCarthy of New York, suggests the resulting entity would purchase mortgages and sell them to investors as government-backed securities. According to Miller, the new corporation would be privately capitalized but not privately owned, and would be limited to a market share of no more than 50 percent.

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OCC Mandates Foreclosure Procedure Reviews for All National Banks

The Office of the Comptroller of the Currency has laid out its expectations for national banks' handling of mortgage foreclosures. The federal agency says all servicers under OCC supervision must observe the same stipulations handed down to a handful of servicers in April as part of the regulatory settlement for robo-signing infractions. National banks are directed to conduct a self-assessment of their foreclosure management practices by September 30, and take immediate action to correct any deficiencies.

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SEC Has Credit Ratings Agencies in Its Sights

As it peels back the layers of the secondary market to delve deeper into the trading of the subprime mortgage bonds reputed for setting off the financial crisis, the Securities and Exchange Commission (SEC) has set its sights on major credit ratings agencies. The SEC is considering bringing civil fraud charges against Standard & Poor's and Moody's Investors Service for their role in positioning mortgage-backed securities that held a high risk of default as grade-A investments.

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Senators Want Fed-State Coordination in Foreclosure Resolution

A dozen U.S. senators are pooling their influence to persuade federal regulators to work with state attorneys general and other federal agencies to ""fix the broken foreclosure process,"" as the lawmakers put it. In a letter to the OCC, the senators stressed that the regulators' consent orders do not preclude states' efforts to hold servicers accountable for any wrongful foreclosures. In a separate move, lawmakers have tagged a servicing regulation bill on as an amendment to the larger economic development legislation making its way through Congress.

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California Foreclosure Bills Fall Flat with Committees

California legislators have put two bills aimed at addressing the state's foreclosure problem to committee votes. Both failed to pass despite the fact that supporters packed the hearing rooms at the state Capitol, but neither is completely dead. They have both been scheduled for new hearings in the coming week. The Senate bill would have made it unlawful for a lender to move forward with foreclosure while evaluating the borrower for a modification. A second bill in the Assembly would have levied a $20,000 fee on lenders and servicers for every foreclosure initiated.

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