Archives

WASHINGTON, D.C. - January 23, 2014 - (RealEstateRama) -- The housing market was at the heart of the 2008 recession, and now a new era is being ushered in to remediate the risks. In the recovery period, there has been a focus on protecting homebuyers as well as minimizing the existence of risky loans

WASHINGTON, D.C. - January 22, 2014 - (RealEstateRama) -- Thanks to the Structured Finance Industry Group for giving me this opportunity to discuss the Administration's housing priorities for short-term action and comprehensive housing finance reform.

WASHINGTON, D.C. - January 22, 2014 - (RealEstateRama) -- Thank you for inviting me to come speak with you once again. When I was here in 2012, the Consumer Financial Protection Bureau had just opened its doors. Today, I come to you after more than two years of concrete accomplishments. We have helped solve tens of thousands of individual consumer problems. We are returning over three billion dollars to consumers so far, and we have gone after those who try to take advantage of them. And we have put in place new rules that bring historic changes to make the multi-trillion dollar mortgage market work better for consumers and help see to it that the terrible collapse we went through just five years ago will never happen again.

WASHINGTON, D.C. - January 17, 2013 - (RealEstateRama) -- Today the Consumer Financial Protection Bureau ordered a Missouri mortgage lender, Fidelity Mortgage Corporation, and its former owner and current president, Mark Figert, to pay $81,076 for funneling illegal kickbacks to a bank in exchange for real estate referrals

WASHINGTON, D.C. - January 16, 2013 - (RealEstateRama) -- Two former Miami real estate agents were sentenced today for their roles in a $2.4 million mortgage fraud scheme, announced Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division.

WASHINGTON, D.C. - January 14, 2013 - (RealEstateRama) -- New mortgage regulations resulting from the Dodd-Frank Act will harm homeownership, reduce credit, and prevent credit-worthy borrowers from obtaining an affordable mortgage, witnesses from Habitat for Humanity, community banks and credit unions told a House Financial Services subcommittee today.

WASHINGTON, D.C. - January 14, 2013 - (RealEstateRama) -- The South Florida-based defendants in an alleged mortgage relief scam will surrender their assets and be banned permanently from providing mortgage relief and debt relief services to consumers under a settlement with the Federal Trade Commission. This settlement represents the FTC’s largest judgment to date against a purported mortgage assistance relief provider.

CHICAGO - January 9, 2013 - (RealEstateRama) -- New rules taking effect on January 10, 2014, will create a safer mortgage market with fewer tricks and traps, says Woodstock Institute. The Consumer Financial Protection Bureau (CFPB) is implementing rules that require mortgage lenders to ensure that borrowers can reasonably repay their loans, provide protections for borrowers who fall behind on their mortgages, and help current homeowners stay abreast of the status of their mortgages.

WASHINGTON, D.C. - January 8, 2013 - (RealEstateRama) -- Today the Consumer Financial Protection Bureau (CFPB) released additional resources for consumers as part of its campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. These new materials include sample letters that consumers can send to their mortgage servicers. The Bureau is publishing these educational materials in anticipation of the January 10, 2014 effective dates for its mortgage rules.

WASHINGTON, D.C. - January 8, 2013 - (RealEstateRama) -- As of January 1, four additional state or U.S. territory agencies began using the new National SAFE MLO test, bringing the total number of agencies that use the test to 39.

Washington, D.C. - January 8, 2013 - (RealEstateRama) -- Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in advance of several new Consumer Financial Protection Bureau (CFPB) mortgage rules which are set take effect on January 10, 2014

WASHINGTON, D.C. - January 8, 2013 - (RealEstateRama) -- New mortgage lending rules to protect consumers from risky loan products will take effect this Friday, and Realtors® will be on the front lines as homebuyers access safer mortgages that meet strong underwriting standards, said Consumer Financial Protection Bureau Director Richard Cordray at an event held today by the National Association of Realtors®

WASHINGTON, D.C. - January 3, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA).

WASHINGTON, D.C. - January 3, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA)

WASHINGTON, D.C. - January 2, 2013 - (RealEstateRama) -- As part of its continued efforts to provide greater transparency to the marketplace, Fannie Mae has commenced publication of monthly loan-level disclosure for single-family mortgage-backed securities (MBS). The data will be updated monthly and will provide loan-level details for loans underlying single-family MBS with issue dates beginning on or after January 1, 2013. The loan-level disclosure files are accessible via PoolTalk®, Fannie Mae’s online disclosure application.

Washington, DC - December 25, 2013 - (RealEstateRama) -- National data show interest rates on mortgages declined in November. Contract mortgage interest rates decreased 0.10 percent from October to November, according to an index of new mortgage contracts

WASHINGTON, D.C. - December 24, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers between the years 2002 and 2008. The agencies also filed a proposed order to settle the complaint that requires National City Bank, through its successor PNC Bank, to pay $35 million in restitution to harmed African-American and Hispanic borrowers

BOSTON - December 24, 2013 - (RealEstateRama) -- A Boston man was sentenced late yesterday on charges relating to a massive mortgage fraud that he orchestrated

WASHINGTON, D.C. - December 24, 2013 - (RealEstateRama) -- The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the third quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency (OCC).

WASHINGTON, D.C. - December 20, 2013 - (RealEstateRama) -- Today the Consumer Financial Protection Bureau, authorities in 49 states, and the District of Columbia are filing a proposed court order requiring the country’s largest nonbank mortgage servicer to compensate consumers for years of systemic and significant servicing errors. Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, must refund $125 million to people who have already lost their homes. And they must provide $2 billion in relief to current homeowners who are underwater and in danger of losing their homes