Ohio AG to Head CFPB Enforcement Team

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 15, 2010. Ohio Attorney General Richard Cordray will head the enforcement team at the new Consumer Financial Protection Bureau (CFPB), the Treasury Department announced. Cordray, a Democrat, was defeated in his re-election bid last month. “Richard Cordray has the […]

Mortgage Servicers Face Substantial Investments to Improve Procedures

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 1, 2010. The mortgage servicing industry will need to make “substantial” investments in order to improve its handling of distressed mortgages and foreclosures, Federal Reserve Board Governor Daniel Tarullo told Congress. At a Dec. 1, 2010, Senate Banking Committee […]

Bogus Mortgage Relief Schemes Targeted by FTC

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 19, 2010. The Federal Trade Commission is moving to stop bogus mortgage relief providers from taking millions of dollars in fees from homeowners without providing services in return. The FTC issued the Mortgage Assistance Relief Services (MARS) Rule Nov. […]

Treasury Sees No Systemic Risk from Foreclosure Crisis

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 27, 2010. Widespread problems surrounding the processing of mortgage foreclosure documents do not appear to be creating a systemic risk to the broader financial system at this time, a Treasury Department official told the Congressional Oversight Panel Oct. 27, […]

Bernanke Says Regulators Cooperating on Mortgage Policy Review

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 25, 2010. Federal banking regulators are working together to complete an in-depth review of practices at the largest mortgage servicing operations, and preliminary results are expected by next month, Federal Reserve Board Chairman Ben Bernanke said Oct. 25, 2010. […]

Fannie, Freddie Funding Needs May Total $363 Billion

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 21, 2010. Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac may need from $221 billion to $363 billion in government funding to support them in the period up to 2013, according to projections from the Federal Housing Finance […]

Multistate Group Formed to Review Mortgage Foreclosure Process

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 13, 2010. Attorneys General from all 50 states have formed a bipartisan multistate group to investigate whether or not individual mortgage servicers improperly submitted affidavits or other documents in support of foreclosures. Iowa Attorney General Tom Miller, who is […]

White House Warns of “Downsides” to Nationwide Foreclosure Moratorium

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 12, 2010. The White House said it supports steps that state attorneys general and federal regulators are taking to get to the bottom of the housing foreclosure issue, but warned of “downsides” to imposing a nationwide foreclosure freeze. “We […]

Justice Department Probing Foreclosure Mishandling Allegations

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 7, 2010. The Justice Department is looking into allegations that financial institutions may have violated laws or regulations in their handling of delinquent mortgages, mortgage modifications and foreclosures. “We are aware of the charges that have surfaced in the […]

Obama Will Not Sign Interstate Notary Bill Amid Foreclosure Concerns

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Oct. 7, 2010. The White House said President Obama will not sign H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, due to concerns regarding possible unintended consequences on consumer protections. Critics of the bill believe it would make […]