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Tag Archives: Mortgage Regulation

Prices Are Up, but Credit Must Be Addressed for Full Recovery

Even though President Obama and Governor Romney were criticized for evading housing issues when running for president, Clear Capital asserts the ""sprint"" in housing still spoke positively for Obama and assisted him in his recent re-election. But, now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery, and this will happen by collaborating with the industry to reduce regulatory uncertainty, according to a Clear Capital report.

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Wells Fargo Contends Mortgage Suit Violates Settlement Terms

The U.S. government is violating the terms of the national mortgage settlement with its recently filed lawsuit against Wells Fargo, attorneys for the bank argue. The U.S. Attorney's Office for the Southern District of New York filed suit against Wells Fargo in early October ""more than 10 years of misconduct"" in connection with the bank's participation in the Federal Housing Administration (FHA) Direct Endorsement Lender Program.

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CFPB Finds Violations of Consumer Financial Laws Among Lenders

The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012. The agency found several instances in which financial institutions did not adhere to federal consumer financial laws. With regard to the Real Estate Settlement Procedures Act (RESPA), the CFPB noted instances in which institutions did not properly disclose transaction costs and did not properly complete good faith estimates and HUD-1 settlement statements.

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NCUA Closes U.S. Central Bridge

The National Credit Union Administration (NCUA) announced the closing of U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The closing comes after three years of efforts to stabilize the corporate credit union sector, the agency stated in a release Monday.

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SIGTARP Advises Discontinued Use of LIBOR

The Office of the Special Inspector General for the Troubled Asset Relief Program is advising Treasury to discontinue use of the London Interbank Offered Rate (LIBOR) as a benchmark for interest rates on TARP programs. ""Continued use of LIBOR for TARP while it is broken, unreliable, and remains potentially subject to manipulation undermines public confidence in financial markets and TARP and could put taxpayers at risk,"" SIGTARP stated in its quarterly report.

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MBA Calls for Policy Coordinator to Oversee Regulation

At the 99th annual Mortgage Bankers Association conference, President David H. Stevens called on active involvement from the association's members as MBA ramps up its presence in Washington, hoping to affect change in the way the housing industry regulation is currently viewed and approached. Stevens voiced the need for the administration to put in place a housing policy coordinator, ""a traffic cop for all new rules."" He also expressed hopes to change the GSEs' rulemaking process to allow for comment from the industry prior to implication.

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BofA Reduces $4.75B in Principal in 5 Months

As part of the agreement under the national mortgage settlement, Bank of America has completed or approved more than $4.75 billion in principal reductions on first mortgages, with the average principal reduction exceeding $150,000. Through the bank's principal reduction program, 30,000 homeowners have been approved for a trial modification or received a permanent modification as of the end of September.

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FTC Alleges Equifax ‘Improperly’ Sold Information on Late Borrowers

Equifax and its customers reached separate settlements with the FTC, agreeing to pay a total of $1.6 million for improper sale of consumer credit information. The FTC alleges Equifax sold more than 17,000 lists of people who met specific criteria, such as being late on their mortgage payments. Equifax is said to have sold the lists to Direct Lending Source, Inc., which in turn sold the lists to other third parties. The lists included information such as credit scores and detailed how many days past due consumers' mortgage payments were.

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Distressed Sales Interfere with Accurate Appraisals: NAR

Inflated appraisals were identified as one of the causes of the housing bubble, and now undervalued appraisals are viewed as a reason for a stalled recovery. In a National Association of Realtors survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a home was appraised at a value below the negotiated price. One reason for the low values, according to the NAR, is because some appraisers are not taking into account the difference between distressed and non-distressed homes when making comparisons.

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