CFPB proposes 7 big changes to foreclosure process for mortgage servicers

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections

Fannie Mae: Don't expect 2015 to be a breakout year for housing

New year will likely mirror 2014

Stop panicking about recent foreclosure numbers

The sky is not falling
W S

News

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus
Wilbur Ross, the high-risk turnaround exec famous for charging into metaphoric burning buildings of European financial institutions, is leaving Ocwen Financial and several other companies where he serves as a director.
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CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
Brena Swanson
The Consumer Financial Protection Bureau is proposing additional measures to ensure that homeowners are treated fairly by mortgage servicers. Here are the key changes.
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Nationstar buys title company

More plans to grow geographically
Brena Swanson
Solutionstar Holdings, an indirect wholly-owned subsidiary of Nationstar, announced it is expanding further into the mortgage business and snapped up a mortgage title company. It is also expanding operations into some of the nation's largest housing markets.
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Black Knight: Mortgage delinquency rate drops to 7-year low

Loans in foreclosure also dropped to 6-year low
Ben Lane
The mortgage delinquency rate declined in October to a seven-year low, according to Black Knight Financial Services’ “First Look” at the October mortgage data. October also saw a rise in prepayments for the first time since July, which Black Knight said is “historically a good indicator of refinance activity.”
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GSEs officially update representation and warranty policies

Analysts say impact of long-awaited changes may be minimal
Ben Lane
Fannie Mae and Freddie Mac both announced changes to their respective representation and warranty policies, following through on an announcement made by Federal Housing Finance Agency Director Mel Watt at the Mortgage Bankers Association Annual Convention & Expo in October.
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Goldman bankers fired after leaking confidential Fed info

Banker formerly worked for Federal Reserve Bank of New York
Brena Swanson
Goldman Sachs fired two bankers due to one of them allegedly sharing confidential documents from the Federal Reserve Bank of New York within the firm.
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[CHART] FHFA: G-fees more than double in 4 years

Chronological changes in g-fees
Brena Swanson
The Federal Housing Finance Agency’s sixth annual report on the single-family guarantee fees charged by Fannie Mae and Freddie Mac included data from 2009 to 2013, showing just how intensely g-fees have increased in four years.
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Hensarling picks chairs for housing and business subcommittees

Leutkemeyer to head housing, Neugebauer to helm financial
Trey Garrison
Financial Services Committee Chairman Jeb Hensarling, R-Texas, announced his selection of subcommittee chairmen for the next Congress.
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MBA announces 31 new members

Membership increases to more than 2,200
Ben Lane
"These new members vary greatly in their size and focus, whether it be residential or commercial/multifamily," said David Stevens, MBA’s president and CEO. "However, they illustrate MBA’s greatest strength: our ability to come to any table or address any situation knowing we represent the entire mortgage-lending spectrum."
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Did FHFA’s Watt open the door to ending Fannie, Freddie conservatorship?

Civil rights groups join calls to bring GSEs out from nest
Trey Garrison
When Federal Housing Finance Agency Director Mel Watt spoke before the Senate Banking Committee on Wednesday he opened the door to the possibility of ending the GSE conservatorship.
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