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ReverseLinks: An roundup of July 2009's links to reverse mortgage articles and reports

Jean Ross
Aug 04, 2009

A HUD news release, dated July 15: David Stevens Sworn in as HUD Assistant Secretary for Housing and FHA Commissioner: HUD Secretary Shaun Donovan said, "David's knowledge in real estate, housing and the mortgage industry will help us overcome the current challenges we face, he will implement changes that protect FHA and will enhance its risk management capabilities to protect its future viability." ( ► Norwich Bulletin, posted on July 20: Making Cents: Creative Uses for Reverse Mortgages ... Affluent homeowners are using reverse mortgages for advance planning, i.e. to buy and fix up second homes in the distressed Sunbelt, to purchase life insurance, to put into an irrevocable trust, and to purchase long term care insurance. ► The Board of Governors of the Federal Reserve press release, dated July 23, 2009, proposed major changes to Regulation Z (Truth-in-Lending Act) that would, among other things, prohibit lenders from paying yield spread premiums. ► Sacramento Bee posted on July 20: Troubled Bank Industry Continues California Lobbying ... The bank lobby has focused its attention on Senate Bill 660 and Assembly Bill 329, bills that would provide more disclosure and protection for seniors taking out reverse mortgages. Bills that started out with tough consumer protection language were rewritten after running into fire from financial industry lobbyists. ► The Wall Street Journal posted on July 10: Baby Boomers to Kids: Kiss Your Inheritance Goodbye ... While the bulk of the article was about different types of annuities the author waxed philosophically at the end with “Wiping out your wealth when you go -- "filing Chapter Heaven," as it were -- might sound like a scorched-Earth plan. The cynical might even suggest it fits well with the locust-like financial behavior of the Baby Boomers, who consumed a golden legacy and have left their successors trillions in extra national debt.” ► Reverse Mortgage Wire posting on July 22: Bill Would Lower Reverse Mortgage Principle Limits ... A House of Representatives appropriations bill would require the Department of Housing & Urban Development to reduce the amount of home equity a borrower could receive through a reverse mortgage to ensure that the government program operates without a subsidy. However, the bill also appears to extend the $625,500 maximum lending limit through fiscal year 2010. ► A Reverse Mortgage Wire posting on July 29: Darkening Days for Reverse Mortgage Lenders ... 1st Reverse Financial Services and World Alliance Financial, two leading reverse mortgage lenders are ending business, but lead executives with both companies are optimistic that investors will help them start up again. ► ReverseMortgageDaily posting on July 21: Ginnie Mae Addresses Reverse Mortgage Capacity Rumors ... A Ginnie Mae spokesperson adds emphatically: “We do not have a limit on the level of HMBS securities we will issue for the year, nor is there a limit on new issuers we will accept.” Total HMBS issuance for FY’08 was $1,159,221,127, she said. Thus far, in this fiscal year (October 2008–June 2009) that issuance amount already has been higher, at $1,602,761,822. ► A posting on July 10: MMI Offers Free Reverse Mortgage Counseling ... Money Management International (MMI) announced that as of July 1, 2009 it’s no longer charging clients for reverse mortgage counseling. According to a company statement, MMI believes it has sufficient grant funds to cover expenses until at least October 2009, at which time new HUD grant funds will become available.  ► BrokerUniverse posted on July 30: Subcommittee Approves Federal Housing Administration Funding ... "It provides funds to start modernizing its technology systems in order to track its mortgages and obligations, which-I regret to tell you-it cannot do right now," said Sen. Christopher Bond (R-MO). A former AARP-certified reverse mortgage counselor with five years of experience, Jean Ross is now a mortgage planner with AdvisorNet Mortgage LLC. Jean specializes in reverse mortgages, and is most interested in getting accurate and useful information on reverse mortgage to seniors, their families and professionals who work with them.   
Aug 04, 2009
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021