December 24, 2013
Qualified Mortgages and The Community Reinvestment Act
Regulators issued an Interagency Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans relating to the interaction between the QM rules and Community Reinvestment Act enforcement. This statement complements a similar rule issued in October that addressed the interaction … Continue reading
December 24, 2013 in Regulation | Permalink | No Comments
Washington Court Dismisses Plaintiff’s State Consumer Protection Act Claim
The court in deciding Massey v. BAC Home Loans Servicing LP, 2013 U.S. Dist. LEXIS 148402 (W.D. Wash. 2013) granted the defendant’s motion for summary judgment pursuant to Federal Rule of Civil Procedure 56. Plaintiff Cindy T. Massey claimed that … Continue reading
December 24, 2013 in Regulation | Permalink | No Comments
December 23, 2013
A Shared Appreciation for Underwater Mortgages
New York State’s Department of Financial Services has proposed a rule that would allow for “shared appreciation” of a property’s value if an underwater loan is refinanced. The Department states that this will provide a helpful option for underwater homeowners … Continue reading
December 23, 2013 in Regulation | Permalink | No Comments
December 19, 2013
Reiss on Predatory Online Lending
E-Commerce Times quoted me in CFPB Suit Targets Predatory Online Lending Practices. It reads in part: The Consumer Finance Protection Bureau this week put online finance companies on notice that it will not overlook them merely because they operate in cyberspace. … Continue reading
December 19, 2013 in Regulation | Permalink | No Comments
December 18, 2013
Optimizing Principal Modifications
S&P posted How Principal And Interest Rate Modifications Affect U.S. RMBS. Principal modifications — reducing the amount that the homeowner owes on the loan — have not been popular with lenders for obvious reasons. But they have also not been … Continue reading
December 18, 2013 in Regulation | Permalink | No Comments
December 17, 2013
Reiss on Myths of the Fed
Bankrate.com quoted me in a story, 5 Myths Debunked About The Federal Reserve. it reads in part, Assassination, foreign control and money printing: the stuff of a motion picture thriller? Not in this case. They’re all the fodder for wild … Continue reading
December 17, 2013 in Regulation | Permalink | No Comments
December 13, 2013
Non-QM Mortgages Risks and Best Practices
Moody’s issued a report, Non-QM US RMBS Face Higher Risk of Losses Than QM, but Impact on Transactions Will Vary, that discusses the risk that what drug plan provides cozaar US RMBS backed by non-qualified mortgages (those that do not … Continue reading
December 13, 2013 in Regulation | Permalink | No Comments
