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HUD Proposes Eliminating Maximum Loan Limit Appeals
On January 13, the U.S. Department of Housing and Urban Development (HUD) published a proposed rule to eliminate the process by which interested parties may appeal the maximum allowable loan limit for a geographic area. Noting the modern availability of sales-transaction data at the county level,...
InfoBytesUpromise Settles with FTC Over Collection of Consumers' Personal Information
On January 5, the FTC announced that Upromise had agreed to settle charges that its collection of consumers’ personal information was deceptive and an unfair practice, and that the collection violated federal law. Upromise’s website offered consumers a “TurboSaver Toolbar” download with a “...
InfoBytesRhode Island Court Appoints Special Master to Oversee Foreclosure-Related Negotiations
On January 5, the U.S. District Court for the District of Rhode Island judge responsible for handling “hundreds” of cases related to mortgage servicing and foreclosure practices appointed Merrill Sherman as special master to assist with resolution of the backlog of pending cases. In re Mortgage...
InfoBytesCFPB Releases Mortgage Origination Exam Procedures
On January 11, the CFPB took its first action to implement its nonbank supervision program by releasing the procedures it will use in examining all bank and nonbank mortgage originators . The Mortgage Origination Examination Procedures describe the types of information examiners will collect to (i...
InfoBytesU.S. Supreme Court Rules Credit Repair Organizations Act Does Not Override Arbitration Agreements
On January 10, the U.S. Supreme Court ruled (8-1) that the Credit Repair Organizations Act (CROA) does not override the Federal Arbitration Act’s (FAA) broad requirement that arbitration agreements be enforced according to their terms. CompuCredit Corp. v. Greenwood , No. 10-948, 2012 WL 43514 (Jan...
InfoBytesCorruption in Emerging Markets
James Parkinson & Leslie Meredith authored the chapter, "Corruption in Emerging Markets" in the upcoming publication, The US Private Equity Compliance Companion to be published in January 2012.
ArticlesFannie Mae CEO Announces Resignation
Fannie Mae CEO Michael Williams today announced his plans to resign. Mr. Williams will continue to serve in his current role until the Fannie Mae board of directors appoints a successor.
InfoBytesFRB Governor Reviews Mortgage Servicing Enforcement Actions
On January 7, Federal Reserve Board (FRB) Governor Sarah Bloom Raskin, in a speech to the Association of American Law Schools, reviewed the status of federal banking regulators’ enforcement responses to what she characterized as the "foreclosure crisis". Governor Raskin described the enforcement...
InfoBytesIllinois Amends Mortgage Originator Licensing Requirements
On January 6, the Illinois Department of Financial and Professional Regulations published amendments to regulations governing mortgage originator licensing. The amendments, which are effective immediately, include an increase in certain fees paid by mortgage loan originators to cover costs incurred...
InfoBytesFreddie Mac, Fannie Mae Announce Unemployment Forbearance Programs
On January 6, Freddie Mac published Bulletin 2012-2 , which allows servicers to offer eligible borrowers a short-term unemployment forbearance period, and the possibility of an extended unemployment forbearance period, if needed. On January 11, Fannie Mae followed with Servicer Guide Announcement...
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