Items Tagged with 'John Dugan'

ARTICLES

  • It’s the Mortgage, Stupid

    I don’t know about you, but I found the announcement, last week, that the Federal Deposit Insurance Corp. (FDIC) had approved a notice of proposed rulemaking (NPR) regarding safe harbor protection for bank-issued ABS, really depressing.
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  • Regulators Push Modifications Despite Second Lien Ownership

    The saga around second liens continued on Thursday as regulators issued a letter to financial institutions, aiming to end part of the dispute on conflicts of interest present in modifying first liens on a property also secured by a second lien in a subordinate position. The Federal Financial Institutions Examination Council sent a letter to Federal Deposit Insurance Corp. (FDIC)-supervised banks, saying they should modify first liens when it's in the best interest of investors and owners, despite any ownership of the second lien by the bank.
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  • Supreme Court Upholds State Enforcement of Lending Laws

    [Update 1: clarifies OCC's role] A US Supreme Court ruling today gives state attorneys general authority to pursue judicial action against national banks. It also struck down an interpretation of the National Banking Act by the Office of the Comptroller of the Currency (OCC) that led to a regulation preempting states from enforcing fair lending laws.
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  • Dugan Urges Consumer Protection in Reverse Mortgages

    Comptroller of the Currency John Dugan urged late yesterday for regulators to tackle the "significant" compliance risks associated with reverse mortgages, including predatory lending and coercive sales. Regulators must address these issues before real problems develop, so that these loans are made "in a way that is prudent for both lenders and borrowers," Dugan said.
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  • OCC, OTS to Study 'Sustainability' of Modifications

    The March edition of the Mortgage Metrics Report, published jointly by the Office of the Comptroller of Currency and the Office of Thrift Supervision, will include new information that looks into the "affordability and sustainability" of loan modifications, the agencies announced Friday.
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  • Supreme Court to Take Up Federal Preemption, Mortgages

    Late Friday, the United State Supreme Court said it will hear a case that may have far more import for the mortgage banking community than most might realize upon first glance; Dow Jones reported after market close that the SCOTUS had agreed to consider whether the New York attorney general's office has the power to investigate whether some national banks have engaged in discriminatory mortgage lending in the state.
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  • Dugan: 'Learning as We Go'

    Just ahead of the Christmas holiday, BusinessWeek featured an exclusive interview with John Dugan, the Comptroller of the Currency, on the occasion of a joint release of housing and mortgage metrics -- much of the focus now being placed by regulators is on redefault rates. On Dec.
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  • Ocwen Touts 'Solid Success' in Loan Mod Performance

    West Palm Beach, Fla.-based Ocwen Financial Corporation [stock OCN][/stock] said Thursday that it is seeing "solid success" with its own loan modification program. Touting a technology-based, loan-by-loan approach to modification, Ocwen said at the six-month mark, the 60-day delinquency rate on its modified loans stands at 24.6 percent.
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  • Redefaults a Problem, OCC's Dugan Says

    As if you couldn't see this one coming a mile away: more than half of the loans modified in the first quarter of 2008 had redefaulted within six months of modification, according to statistics released Monday by the Office of the Comptroller of the Currency. "After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due," Comptroller John Dugan said in a statement. "After six months, the rate was nearly 53 percent, and after eight months, 58 percent."
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