Housing
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Congresswoman Maxine Waters (D-Calif.) yesterday reintroduced H.R. 1567, the Foreclosure Prevention and Sound Mortgage Servicing Act of 2011. Congresswoman Waters has introduced similar legislation since the 110th Congress, and has long maintained that the servicing industry is broken. By reintroducing and updating the bill, Congresswoman Waters continues to demonstrate her commitment to ending the foreclosure crisis and holding servicers accountable.
by Jon Prior
Mortgage servicers may have to review as much as $535 billion in loans for possible remediation to borrowers who suffered financially from improper foreclosures, according to an estimate from the investment bank Keefe, Bruyette & Woods.
Remediation was one of the requirements of the consent orders signed between 14 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve after an investigation into foreclosure problems. The regulators found the problem had spread industry wide.
Federal banking regulators and the country's largest mortgage lenders have reached agreements aimed at addressing consumer complaints that the foreclosure process is unfair. Critics say it's not enough
By Alejandro Lazo and E. Scott Reckard
Citing "pervasive" misconduct in foreclosures, federal regulators have ordered the nation's biggest banks to overhaul their procedures and compensate borrowers injured financially by wrongdoing or negligence.
The four major bank regulators said their actions, to be followed by fines, wouldn't interfere with a wider-ranging investigation conducted by a coalition of state attorneys general and other federal agencies, including the departments of Justice, Treasury and Housing and the Federal Trade Commission.
By Dina ElBoghdady
Three federal agencies announced agreements with the nation's largest mortgage servicers Wednesday that aim to stem shoddy foreclosure practices. But the plans do not immediately impose financial penalties on the companies or force them to reduce the mortgage debt for troubled borrowers.
By Lorraine Woellert
The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, the first of a set of sanctions regulators are seeking against the companies.
The settlement announced today between servicers and banking regulators could help the U.S. Justice Department determine the size and scope of fines for the flawed practices, regulators said.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, released the following statement today:
by Jon Prior
Members of the House Financial Services Committee want more information on how Fannie Mae and Freddie Mac contract with companies charged with managing and reselling previously foreclosed homes, known as REO.
Rep. Maxine Waters (D-Calif.) introduced an amendment to eight bills on reforming the two government-sponsored enterprises that would require the Federal Housing Finance Agency Inspector General to report on the REO selection process and recommend how to improve it.
"Mr. Chairman, I'd like to thank you for convening this mark-up this morning, and for this Subcommittee's continued attention to the state of the Government Sponsored Enterprises (GSEs).
By Lorraine Woellert
The National Association of Homebuilders and the National Association of Realtors asked House Republicans to delay a vote on a package of bills to reduce the dominance of Fannie Mae and Freddie Mac.
Thank you, Mr. Chairman, for organizing this hearing.
This is now our third hearing on GSE reform during the 112th Congress. As I have stated at those previous hearings, I am committed to working with my colleagues on a practical, comprehensive reform proposal to reshape our housing finance system.