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- Fed Unveils Long-Awaited HOEPA Rules
The Federal Reserve Board is proposing a "robust set" of rules to clean up subprime lending practices and to address unfair and deceptive practices associated with servicing, mortgage broker fees, and appraisals. On subprime and higher-priced alternative-A mortgages, the Home Ownership and Equity Protection Act proposal would create an ability-to-repay standard, require lenders to verify income and assets to curb stated-income lending, mandate escrow accounts for at least 12 months, and...
Tue, 18 Dec 2007 14:41:08 -0800 - Fannie Eyes Appraisals in Light of Price Declines
Fannie Mae has already identified 1,800 ZIP codes where house prices have declined, and it expects appraisals to accurately reflect those market realities, according to Fannie vice president Hope Evans. "Sadly, we are seeing a lot of these appraisals with no mention whatsoever about the declining market,"
Wed, 10 Oct 2007 12:11:04 -0700 - NAACP Files HMDA Suit Against 14 Lenders
The National Association for the Advancement of Colored People (NAACP) announced on July 11 that it had filed a lawsuit against 14 lenders for racial discrimination. The suit alleges that Ameriquest, Wells Fargo, Fremont, Option One, WMC Mortgage, Long Beach Mortgage, CitiGroup, BNC Mortgage, Accredited Home Lenders, Encore, First Franklin, HSBC & Washington Mutual engaged in "systematic, institutionalized racism in making home mortgage loans."
Thu, 26 Jul 2007 10:25:30 -0700 - HUD Announces New Fair Lending Review Division
The U.S. Department of Housing and Urban Development's Office of Fair Housing and Equal Opportunity (FHEO) recently announced that it is creating a new Fair Lending Division that will review mortgage lending practices throughout the nation. HUD has hired a senior-level economist and has advertised to hire five fair lending specialists to enhance its capacity to investigate allegations of mortgage lending discrimination.
Thu, 26 Jul 2007 10:26:46 -0700 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
The federal bank and thrift regulatory agencies on Friday announced the availability of the 2007 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.” As in past releases, the 2007 list will incorporate a one-year lag period for geographies that were designated as distressed or underserved in 2006, but were not designated as such in the 2007 release. Geographies subject to the one-year lag period are eligible to receive consideration for community development activities for the twelve months following publication of the 2007 list.
Mon, 4 Jun 2007 13:07:01 -0700 - Agencies Announce Availability of 2006 HMDA Data
The federal banking, credit union, and thrift supervisory agencies, along with the Department of Housing and Urban Development, announced the availability of the 2006 home loan data disclosed under the Home Mortgage Disclosure Act (HMDA).
Thu, 12 Apr 2007 10:36:05 -0700 - HOUSING DISCRIMINATION COMPLAINTS AT AN ALL-TIME HIGH
WASHINGTON– Government agencies received 10,328 housing discrimination complaints, the highest number ever filed in a single year, according to an annual fair housing report released today by the U.S. Department of Housing and Urban Development. HUD's Fiscal Year 2006 report, which details HUD's enforcement efforts during the year, also found that race and disability top the list of reasons why individuals filed complaints.
Mon, 9 Apr 2007 18:15:29 -0700 - Dodd Announces Summit Among Other Meetings Dealing With Foreclosure Challenges
Presidential-campaigning Senator Christopher Dodd, D-Conn., is in the midst of finishing up details on his plan to host a "summit" to be attended by regulators, lenders and consumer advocacy groups. Sentator Dodd, also the Chair of the Senate Banking Committee is hosting the summit to address possible solutions to the challenges that some homeowners are facing regarding foreclosure. Likewise, House Financial Services Committee Chairman Barney Frank, D-Mass., is said to be considering "brainstorming with Fannie Mae, Freddie Mac, the Federal Housing Administration and others to address predatory lending issues;" while Treasury Secretary Henry Paulson's staff plans meetings with federal and state regulators to "talk about lessons learned."
Fri, 6 Apr 2007 10:45:23 -0700 - CRA & Community Development Webinar
Do you have more questions than answers when it comes to Community Development? If so, attend this FREE* webinar featuring industry expert and President of GeoDataVision, Len Suzio.
Fri, 30 Mar 2007 12:29:22 -0700 - Regulator Favors Standards Against Predatory Lending
New York Times (03/28/07) P. C2
In testimony before a House Financial Services subcommittee, Federal Deposit Insurance Corp. Chairman Sheila Bair urged lawmakers to pass national anti-predatory-lending legislation that would beef up existing rules and govern both federally and state-governed lenders. Bair is the first top regulator to call for such a measure. Meanwhile, Securities and Exchange Commission Chairman Christopher Cox told lawmakers at a House Appropriations subcommittee hearing that an enforcement unit has been established by the agency to determine whether some subprime lenders engaged in fraud by failing to make proper disclosures to investors of securities backed by such mortgages. Companies under investigation were not named.
Wed, 28 Mar 2007 10:14:43 -0700 - Little Evidence of Subprime Spillover
The most recent data show delinquencies are low in states where house prices have risen the most in recent years. They are high in states where the local economy is weak and in those still recovering from hurricane Katrina.
Wed, 28 Mar 2007 10:09:10 -0700 - Wyoming Enacts Security Breach Notification and Credit Report Freeze Laws
The state of Wyoming has recently enacted a Data Security Bill, S.B.53. Similar to other legislation enacted on the state level addressing this issue, S.B. 53 obligates institutions to inform consumers of a breach if “misuse of personal identifying information ha occurred or is reasonably likely to occur.” The legislation also enables consumers to implement a “security freeze” of their credit report for a fee. “Victims of identity theft' are provided the security freeze option for no charge. The effective date is July 1, 2007.
Thu, 22 Mar 2007 12:34:04 -0700 - Federal Agencies Publish Proposed Statement on Subprime Mortgage Lending
This proposed Statement on Subprime Mortgage Lending (Statement) discusses criteria and factors, including payment shock, that an institution should assess in determining a borrower's ability to repay a subprime loan. The Statement also discusses consumer protection issues and practices, including reminders about some of the existing statutes, regulations, and guidance intended to protect consumers from unfair, deceptive, and other predatory practices. Finally, the Statement discusses the need for policies, procedures, and systems to assure that institutions' subprime mortgage lending is conducted in a safe and sound manner.
Thu, 22 Mar 2007 12:33:24 -0700 - OTS Issues Final Ruling on CRA Requirements
The Office of Thrift Supervision (OTS) announced that it is publishing a final rule revising four areas of its Community Reinvestment Act (CRA) regulations to reestablish uniformity between its rules and those of the other federal banking agencies.
Thu, 22 Mar 2007 12:31:39 -0700 - Rhode Island Banking Bulletin 2007-3 issued on February 8, 2007
Concerning the Rhode Island Home Loan Protection Act and Emergency Banking Regulation 3, the Bulletin cites Section 7 of Regulation 3 that provides that the Department of Business Regulation (the "DBR") will not take any enforcement actions on the regulatory requirements for any issues related to the use of disclosures prior to February 1, 2007. That date was previously extended to March 1, 2007, and the Bulletin advises that the date has again been extended to April 1, 2007.
Fri, 9 Feb 2007 11:02:52 -0800
