May 6, 2013
Principled Forgiveness
The Congressional Budget Office issued a report, Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness, that reviews where we are with principal-forgiveness loan modifications. It notes that “Fannie Mae and Freddie Mac have not been allowed … Continue reading
May 6, 2013 in Regulation | Permalink | No Comments
May 2, 2013
The Weak Can Never Forgive?
S&P has issued a report, Principal Forgiveness, Still The Best Way To Limit U.S. Mortgage Redefaults, Is Becoming More Prevalent, that asserts that its research “demonstrates the likelihood that servicers will recover a greater portion of their receivables through principal … Continue reading
May 2, 2013 in Regulation | Permalink | No Comments
May 1, 2013
Disney-fied Homeownership Policy
The Census Bureau just released a report indicating that the homeownership rate is 65 percent, which is its lowest in since 1995. (5) While some will greet this news with dismay, it provides an opportunity to ask — what are … Continue reading
May 1, 2013 in Regulation | Permalink | No Comments
April 29, 2013
The Servicing Field Is Wide Open
The CFPB has proposed an additional comment to Regulation X to emphasize that that regulation does not preempt state regulation of mortgage servicing: Proposed comment 5(c)(1)-1 would state further that nothing in RESPA or Regulation X, including the provisions in … Continue reading
April 29, 2013 in Regulation | Permalink | No Comments
April 23, 2013
S&P Seeking Dismissal of Suit
In the wake of the 2008 Financial Crisis, Standard & Poor’s (S&P) has been accused of inflating its ratings to win business during the boom in mortgage investments. The Justice Department brought civil fraud charges accusing S.& P of knowingly giving complex … Continue reading
April 23, 2013 in Regulation | Permalink | No Comments
April 18, 2013
Judiciary’s Take on the Subprime Zeitgeist
The 2nd Circuit’s opinion in FHFA v. UBS Americas Inc. et al. (April 5, 2013, No. 12-3207-cv) offers an interesting window into how at least some members of the judiciary understand the Subprime Crisis. On its face, the case was … Continue reading
April 18, 2013 in Regulation | Permalink | No Comments
April 17, 2013
Are Baby Steps Enough for Fannie and Freddie?
S&P issued a research report, The Implementation Of The FHFA’s Plan For Fannie Mae And Freddie Mac Still Has A Long Way To Go. The report addresses a number of recent events that will impact any reform program for the … Continue reading
April 17, 2013 in Regulation | Permalink | No Comments
