Archives

BOCA RATON, Fla. - February 27, 2014 - (RealEstateRama) -- With a growing emphasis on commercial real estate, the evolving real estate industry and luxury real estate, the National Association of Real Estate Editors (NAREE) offers 25 categories to recognize excellence in the extremely broad field of real estate journalism which runs the gamut from residential, commercial and mortgage finance to public policy, sustainable urban and home design, among others.

WASHINGTON, D.C. - February 20, 2014 - (RealEstateRama) -- By way of background, I am a career bank regulator. I cut my teeth during the end of the S&L Crisis as an entry level bank examiner 24 years ago. I later served for seven years as the Massachusetts Commissioner of Banks. Under this purview, I had a mandate to ensure compliance with safety and soundness, consumer protection, community reinvestment, and fair lending laws and regulations. Moreover, I have supervised banks, credit unions, and nonbanks throughout my career

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market to help better understand borrowers’ access to credit. As a first step in the rulemaking process, the CFPB is convening a panel of small businesses to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Today the Bureau is also unveiling a new online tool that makes it easier to navigate the publicly available HMDA data

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- Thank you for joining us. Today we are taking important steps to improve information about the residential mortgage market. As Congress required in the Dodd-Frank Act, we are considering proposing rules that would make changes in how financial institutions report their mortgage activity. One of the main purposes of this effort is to gain greater insight into issues about access to credit. We are also releasing an important new tool today so the public can better use the mortgage loan data that is already available.

WASHINGTON, D.C. - February 10, 2014 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with Morgan Stanley, related companies and specifically named individuals for $1.25 billion. The settlement resolves claims in the lawsuit FHFA v. Morgan Stanley, et al. in the U.S. District Court of the Southern District of New York. The settlement addresses claims alleging violations of federal and state securities laws and common law fraud in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.

Reston, Virginia, - February 4, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced the Seventh Circuit of Appeals rendered a favorable decision in the Macon County recording fee case and affirmed the dismissal of the lawsuit by the district court

WASHINGTON, D.C. - February 4, 2014 - (RealEstateRama) -- The Department of Justice today announced that JPMorgan Chase (JPMC) will pay $614 million for violating the False Claims Act by knowingly originating and underwriting non-compliant mortgage loans submitted for insurance coverage and guarantees by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). JPMC is a bank and financial services company headquartered in New York

WASHINGTON, D.C. - January 30, 2014 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the CFPB oversees

WASHINGTON, D.C. - January 29, 2014 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution.

Reston, Virginia - January 24, 2014 - (RealEstateRama) -- Below is a monthly summary of major legal decisions involving either the use of the MERS® System or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process. Please contact the MERS Newsroom

WASHINGTON, D.C. - January 24, 2014 - (RealEstateRama) -- Boston Community Capital's (BCC) SUN Initiative has prevented the eviction of over 450 families facing foreclosure across Massachusetts and Maryland. BCC also advocates for policies that benefit low-income homeowners who are impacted by predatory lending and foreclosure

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.