Mr. Frank goes back to Washington

Mr. Frank goes back to Washington

Former Congressman to testify before Congress on Dodd-Frank impact

Happy 4th birthday Dodd-Frank! Everyone hates you

How effective has Dodd-Frank really been?

Monday Morning Cup of Coffee: Former CFPB head eyes White House?

The bubble’s last days; New HUD rule the “Common Core” of housing
W S

Servicing

Homeowner awarded million-dollar mortgage settlement

Will homeowner ever receive a dime?
July 21, 2014
What's unusual is the sheer size of the settlement, which PHH Mortgage Services is fighting and other lawyers say is excessive. Lawyers for Philip Linza said the award included $514,000 in compensatory damages and $15.7 million in punitive damages.
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Happy 4th birthday Dodd-Frank! Everyone hates you

How effective has Dodd-Frank really been?
July 21, 2014
"As a Davis Polk & Wardwell LLP progress report on the legislation indicates, the deadlines for 280 rulemaking requirements have passed, as of July 18," analysts from SNL Financial write in a new report. “Of those, 127 deadlines were missed. Of the 398 total required rulemakings contained in the bill, 96 have yet to be proposed."
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Foreclosure law firm to pay $10m to settle price-gouging complaint

Came to the front when Fannie Mae pulled plug
July 18, 2014
In a call to HousingWire, an attorney with Brownstein Hyatt Farber Schreck, the firm representing Aronowitz & Mecklenburg, said his client is also going to look for someone to purchase the foreclosure operation. Colorado's attorney general filed a complaint alleging the foreclosure law firm set unreasonably high prices for its services, knowing there was little homeowners or the state could do about it.
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Did Colorado foreclosure lawyers create artificial fees?

Went unnoticed until Fannie Mae pulls plug
July 17, 2014
The AG’s office said the two firms weren’t happy with flat fees they could charge to process foreclosure paper. So they allegedly came up with a plan to bilk more money out of the process.
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Calif. appeals court upholds dismissal of MERS wrongful foreclosure suit

July 17, 2014
The Court of Appeal of the State of California Second Appellate District affirmed a trial court’s order dismissing a wrongful foreclosure lawsuit against MERSCORP Holdings.
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FHFA watchdog raises concerns about nonbanks

Explosive growth of nonbank lenders comes with risks to GSEs
July 17, 2014
The increase of nonbank and smaller lenders has its positives and negatives, according to the FHFA-OIG. Nonbanks reduce the concentration of the financial exposure to the GSEs' largest counterparties, but there are credit, operational and reputational risks.
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Mortgage default rate continues downward trajectory

Falls eight consecutive months
July 15, 2014
“Consumer credit default rates continue to drift lower and have reached a historical low,” David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, said.
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RI top court affirms MERS role as mortgagee

Court says MERS has authority to assign a mortgage
July 11, 2014
The Rhode Island Supreme Court ruled in favor of Mortgage Electronic Registration Systems, affirming MERS’ role as mortgagee, including its authority to assign a mortgage, the latest in a string of favorable court rulings.
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4 quick reactions to FHFA mortgage insurer liquidity plan

Regulators want proof insurers can pay claims
July 10, 2014
The Federal Housing Finance Agency wants private insurers to show proof they can cover losses on defaulted mortgages, even in adverse economic times. It didn't take long to get a response from Fannie, Freddie, Radian and National MI.
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A response to zombie properties

Effective legislation should produce real solutions
July 10, 2014
Common sense would tell us that the first step should be developing a way to expedite the foreclosure process for homes that have been abandoned; it does not seem reasonable for a home to sit vacant for three years when the owner has walked away from the property.
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