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Obama Administration Expands Housing Recovery Plans
On February 1, President Obama unveiled a plan to expand government support for the housing market, including a broad-based refinancing plan. The plan, announced during the President’s State of the...
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Ninth Circuit Holds Nevada AG Suit Against Bank Not Removable Under CAFA
On March 2, the U.S. Court of Appeals for the Ninth Circuit held that a parens patriae suit brought by Nevada’s Attorney General (AG) related to mortgage modification and foreclosure practices could...
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Federal Appeals Court Holds Borrower Can Sue Servicer For Promised HAMP...
On March 7, the U.S. Court of Appeals for the Seventh Circuit held that a mortgage borrower could proceed with a class action suit against the servicer of her loan for its failure to offer a permanent...
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Freddie Mac Updates Multiple Servicing Requirements
On March 13, Freddie Mac issued Bulletin 2012-7 providing several updates to its Single-Family Seller/Servicer Guide. Effective immediately, Freddie Mac has revised the definition of “REO rollback” to...
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Senators Offer FHFA Suggestions for HARP Program Adjustments
On March 30, Senate Banking Committee Democrats, led by Chairman Tim Johnson, sent a letter to Acting Director of the Federal Housing Finance Agency, Edward DeMarco, suggesting changes to the Home...
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West Virginia Revises Mortgage and Consumer Lending Statutes
West Virginia recently enacted several bills to amend statutes related to mortgage licensing and servicing and consumer lender licensing. House Bill 4271 was enacted March 30 and takes effect June 8,...
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Eleventh Circuit Holds No Private Right of Action Under HAMP
On April 19, the U.S. Court of Appeals for the Eleventh Circuit held that there is no implied private right of action under the federal Home Affordable Modification Program (HAMP). Miller v. Chase Home...
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Fannie Mae Alters Policies for Preforeclosure Sale Process, Delinquency...
On April 25, Fannie Mae issued Servicing Guide Announcement SVC-2012-06, which sets new policies and clarifies several delinquency management and default prevention requirements related to (i)...
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FHFA Decides Fannie Mae and Freddie Mac Will Not Offer Principal Forgiveness;...
On July 31, FHFA announced that it will not direct Fannie Mae and Freddie Mac to offer principal reduction assistance to troubled borrowers, concluding that a principal forgiveness policy does not...
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Fannie Mae, Freddie Mac Announce Additional Storm Relief Measures
On November 9, Fannie Mae and Freddie Mac announced that effective immediately servicers can suspend for 90 days evictions and foreclosures involving borrowers affected by Hurricane Sandy in order to...
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FHFA Announces Two-Year HARP Extension
On April 11, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Refinance Program (HARP) to December 31, 2015. The program was set to expire at the end of 2013. In...
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New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms of...
On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial...
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Federal Agencies Announce Two-Year HAMP Extension
On May 30, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Modification Program (HAMP) through December 31, 2015. Concurrently, the Treasury Department and HUD...
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FHFA Launches HARP Education Campaign
On September 23, the FHFA launched a nationwide campaign to educate borrowers about HARP. The FHFA explains that the campaign is designed to encourage homeowners who have been making their mortgage...
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Treasury Department Opposes HARP Expansion, Use Of Eminent Domain
On January 22, Michael Stegman, Treasury Department Counselor for Housing Finance Policy stated in remarks to an industry conference that the Treasury Department opposes expansion of the Home...
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FHFA Launches New HARP Outreach Efforts
On June 25, the FHFA announced that it is taking new steps to expand the reach of HARP. As part of that effort, FHFA Director Mel Watt will participate in a series of town hall-style events to discuss...
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FHFA Extends Fannie and Freddie’s Participation in HAMP and HARP
On May 8, FHFA Director Mel Watt spoke at the 22nd Annual Economic Summit, focusing on the agency’s conservatorship activities with Fannie Mae and Freddie Mac (GSEs). Most significantly, Director Watt...
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FHFA Announces New Refinance Offering for High LTV Borrowers; Extends HARP...
On August 25, FHFA announced that the GSEs will implement a new refinancing offering for borrowers having high LTVs who meet certain criteria. The new offering contains a number of similarities to the...
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