Tag Archives: SIFMA

After the city of Richmond, California, announced an unconventional plan to ward off foreclosures among underwater homeowners, several industry groups have called into question the constitutionality of the plan. The plan, which ""is fraught with negative economic consequences for the community,"" according to the ""Association of Mortgage Investors (AMI), is for the city to obtain the mortgage loans of underwater properties and help homeowners refinance at their homes' current value.

In a letter filed Wednesday to FHFA, the Securities Industry and Financial Markets Association (SIFMA) expressed its view that Fannie Mae and Freddie Mac should seek to align their operations as much as possible. The alignment would help set the stage and ease transition into the future for the GSEs, SIFMA suggests. SIFMA also submitted a list of steps and goals of FHFA's Strategic Plan to coordinate the GSEs and says they will require communication, careful planning, and a focus on the Enterprises' core activities from the industry at every stage.

Opposition to the proposed servicer settlement developed a stronger stance this week as four attorneys general released a letter to Iowa's Tom Miller, who is leading the states' investigation. Attorneys general from Virginia, Texas, Florida, and South Carolina said while they support actions to correct problems unearthed by the robo-signing scandal, the proposal includes mandates and suggestions that are out of the scope of their enforcement role. They expressed particular uneasiness over the provisions surrounding principal write-downs.

The board of directors of the Securities Industry and Financial Markets Association (SIFMA) has elected John G. Taft, CEO of RBC Wealth Management, as the association's 2011 chairman. The organization also elected 17 new board members, including representatives from such financial market bastions as Bank of America Merrill Lynch, Credit Suisse Securities, and PIMCO.