Two ways the new mortgage rules impact consumers and taxpayers

Mar 04, 2009

House passes mortgage rewrite bill MortgagePress.comHouse of Representatives, HR 1106, mortgage modifications, bankruptcy The House of Representatives has passed the mortgage rewrite legislation, HR 1106, by a vote of 234-191. The legislation passed after members added provisions to the legislation designed to require homeowners to attempt to workout mortgage modifications with their lenders before seeking rewrites through bankruptcy proceedings. The Senate is expected to take up the bill before the end of March. For a copy of the bill, click here.

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Mar 04, 2009

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...

Analysis and Data

Every Dollar A Fraudster Makes, A Financial Firm Loses $4.41

U.S. investment firms and credit lenders see a 9% annual increase in the financial impact of fraud.

Overall fraud increased at least 6% for 63% of financial firms within the past year, with digital channels accounting for half of the overall fraud losses, according to LexisNexis True Cost of Fraud Study: Financial Services and Lending Report — US and Canada Edition. U....