The largest subprime servicers should be able to move ahead with loan modifications now that they have worked through most of the problems associated with the requirements of the mortgage-backed securities contracts, according to Iowa Attorney General Tom Miller."They feel they have the discretion and authority needed to make loan modifications where those modifications benefit the investor and homeowner," Mr. Miller told the House Financial Services Committee. "Upwards of 95% of the pooling and servicing agreements do not pose significant constraints, according to the servicers we have met with." Mr. Miller heads up a working group of state AGs and banking regulators that met with the 10 largest subprime servicers in September and plans to meet the 10 next-biggest servicers during the week of Nov. 5. He noted, however, that piggyback 80/20 loans are a problem because the first and second loans are in separate securitizations with different investors and servicers.
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Spending cuts at the Consumer Financial Protection Bureau are the latest in a rash of reductions at the agency, complicating the regulatory future.
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Companies are starting to leverage tools such as artificial intelligence and machine learning as part of the property valuation and review process.
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An executive order issued late Friday cut the Treasury Department Community Development Financial Institution Fund and other federal programs to their legal minimum.
March 15 -
A Maryland judge temporarily halted mass layoffs of probationary employees at multiple agencies, citing legal violations and harm to states' ability to respond to unemployment needs.
March 14 -
Issuances fell in January for residential and multifamily segments, as concerns over available workers and future tariffs came to the fore.
March 14