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| Volume 19 - Number 9 | May 5, 2008 | | | |
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BofA Unveils CRA, Foreclosure Relief Plan
Bank of America has pledged a total of $1.542 trillion to fund long-term Community Reinvestment Act investments over 10 years, foreclosure relief and housing-related philanthropy to ease public concerns about its proposed merger with Countrywide Financial Corp...
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Loss Mit Efforts Will Help Boost CRA Rating
Federal examiners will give appropriate credit under the Community Reinvestment Act to banks and thrifts that have foreclosure prevention programs or other initiatives that can get borrowers out of high-cost loans and into sustainable, affordable mortgages...
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FHASecure Sees Modest Rise in Delinquent Loan Refinancing
The Department of Housing and Urban Development’s effort to reach out to more distressed borrowers and reduce foreclosures appears to be paying off, as more delinquent borrowers have been able to refinance into FHASecure loans. Progress of the program has been...
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Fannie Considers Revising Pricing Guidelines in Declining Markets
Fannie Mae is considering revising its loan pricing scheme for so-called declining markets in response to concerns that the policy might have a discriminatory effect on minority homebuyers. “We have met extensively with [consumer] advocates, listened to their...
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Court Rejects Predatory Lending Claim in Foreclosure Lawsuit
A New York trial court has rejected a borrower’s claim that she was a victim of predatory lending and turned aside her legal attempt to stop the foreclosure sale of her home. In Alliance Mortgage Banking Corp. v. Dobkin, the Supreme Court of Nassau County expressed...
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Online Mortgage Broker Sues Lenders for Database Breach
An online North Carolina-based mortgage broker has sued two of its former executives and three California lenders for allegedly breaking into its database and using proprietary information to pirate away customers from lender clients. LendingTree, a...
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Lawmakers Lean on HUD to Extend RESPA Reform Comment Period
The clamor for a longer comment period on proposed Real Estate Settlement Procedures Act regulatory reform grew louder as House lawmakers joined ranks with the mortgage industry in calling for an extension. Last week, Reps. Ruben Hinojosa, D-TX, and...
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State Roundup
Washington. Approximately 200 consumers who were victimized by... Massachusetts. A new law took effect May 1 requiring mortgage... Kentucky. A comprehensive “emergency” bill was signed into... Arizona. Consumers may request a security freeze on their...
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Federal Roundup
Government Accountability Office: Study on Fair Lending Enforcement. The GAO has begun a study of federal monitoring and... Federal Trade Commission, Department of Justice: Practice of Law in Real Estate Transactions. The FTC and the DOJ have submitted a...
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Worth Noting …
The Joint Forum of the Basel Committee on Banking Supervision published a... C. Richard Miserendino has been named the new administrative law judge for the... The Conference of State Bank Supervisors and the American Association of...
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CRA Ratings
Recent CRA ratings issued by federal agencies.
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