May 14, 2013
Reform for Whom?
David Stevens, the head of the Mortgage Bankers Association, gave an important and revealing speech about the direction of housing finance reform. It contains some good ideas, but also raises an alarm. Because the Administration and Congress are at an … Continue reading
May 14, 2013 in Regulation | Permalink | No Comments
May 8, 2013
Reiss on CFPB Muscle
Law360 interviewed me in CFPB Flexes Enforcement Muscle In 1st Criminal Referral (behind a paywall) regarding the prosecution of an alleged debt relief scam: unsecured personal loan rates Criminal charges filed Tuesday against a New York debt settlement firm based … Continue reading
May 8, 2013 in Regulation | Permalink | No Comments
May 7, 2013
Reiss on New Limits on Lending for Fannie and Freddie
Law360 interviewed me in Fannie, Freddie Will Only Buy Qualified Mortgages, FHFA Says (behind a paywall) about the new limits on lending imposed on Fannie and Freddie: The Federal Housing Finance Agency on Monday said that Fannie Mae and Freddie Mac … Continue reading
May 7, 2013 in Regulation | Permalink | No Comments
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
