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Fannie Mae Announces Multiple Selling Guide Updates
On February 28, Fannie Mae issued Announcement SEL-2012-02 , which describes Selling Guide updates related to the Project Eligibility Review Services (PERS), premium pricing recapture, and the maximum buyup of the mortgage backed securities (MBS) guaranty fees. Regarding PERS, effective April 1,...
InfoBytesSEC and CFTC Propose Rules Regarding Detecting Identity Theft
On February 28, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC, together with the SEC, the Commissions) jointly issued proposed rules that would require entities subject to the Commissions’ jurisdiction to address identity theft in two ways: (i)...
InfoBytesFederal Reserve Board Releases Mortgage Servicing Action Plans
On February 27, the Federal Reserve Board (FRB) released final action plans to be implemented by nine financial institutions to correct alleged deficiencies in residential mortgage loan servicing and foreclosure procedures. The FRB also announced that it expects to release plans for additional...
InfoBytesFHA Increases Mortgage Insurance Premiums
On February 27, the Federal Housing Administration (FHA) announced that it is increasing its annual mortgage insurance premiums and upfront premiums in two phases. First, for loans with case numbers assigned on or after April 1, 2012 the FHA is increasing by 10 basis points the annual mortgage...
InfoBytesSecond Circuit Moves MBS Case Back to New York State Court
On February 27, the United States Court of Appeals for the Second Circuit held that a residential mortgage-backed securities (MBS) case that had been removed from New York state court fell within the securities exception to both original and appellate jurisdiction under the Class Action Fairness...
InfoBytesNew Jersey Supreme Court Holds That Foreclosures Can Proceed Despite Notice Defects
On February 27, the New Jersey Supreme Court held in U.S. Bank, N.A. v. Guillaume , No. 068176, 2012 WL 603307 (N.J. Feb. 27, 2012), that state trial courts are not required to dismiss foreclosure actions if there are defects in the notice of foreclosure, and affirmed the denial of the borrowers...
InfoBytesFHFA Announces First Properties Available for Sale in REO Pilot Program
On February 27, the Federal Housing Finance Agency opened for sale the first pool of foreclosed properties currently owned by Fannie Mae to be sold to private firms under the condition that the firms will manage the properties as rental properties for a specified period of time. This first...
InfoBytesEuropean Banking Authority Expresses Concerns Regarding New Financial Sector Domain Names
On February 23, the European Banking Authority (EBA) released a letter it sent to the ICANN Board of Directors expressing concerns about ICANN’s June 2011 approval of a new program to allow additional generic top level domains, including “.bank” and “.fin”. The new domain names are expected to be...
InfoBytesFederal Court Approves for First Time Computer-Assisted Document Review
On February 24, a Southern District of New York Magistrate Judge held that computer-assisted review is an acceptable way to search for electronically stored information. Da Silva Moore v. Publicis Groupe , No. 11-1279, 2012 WL 607412 (S.D.N.Y. Feb. 24, 2012). The court explained that computer-...
InfoBytesNevada Supreme Court Rules MERS Mortgage Assignments Are Valid
On February 24, the Nevada Supreme Court held, in two separate cases, that a Mortgage Electronic Registration System (MERS)-generated mortgage assignment did not invalidate a foreclosure. Davis v. U.S. Bank, N.A. , No. 56306, 2012 WL 642544 (Nev. Feb. 24, 2012); Volkes v. BAC Home Loans Servicing...
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