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Inside Washington (03/08/2011)
* WASHINGTON (3/9/11)--The 27-page term sheet forwarded by federal regulators to the five largest mortgage servicers last week is an indication of major changes in the future relationship among servicers, investors and borrowers. The term sheet’s operating directions for servicers includes new requirements for mortgage documentation, guidance on working with borrowers and active military personnel, loan modifications, principal reductions, bankruptcy proceedings, short sales and technology systems. The term sheet is an introduction to negotiations for the punishment process by state and federal agencies of servicers who were negligent in their foreclosure process. The details of the requirements had not been made public until now. View the entire document here … * WASHINGTON (3/9/11)--During the Credit Union National
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Association’s (CUNA) Governmental Affair’s Conference in Washington, Michigan credit union representatives took time to educate their state lawmakers. One group visited Reps. Dale Kildee (D-Mich.), Justin Amash (R-Mich.) and Tim Walberg (R-Mich.), focusing on three main topics of concern for credit unions: maintaining the tax-exempt status, fixing interchange and increasing credit union member business lending authority. On Wednesday, the Michigan delegation hosted the traditional breakfast with home state legislators. Congressmen Dave Camp, Bill Huizenga and Gary Peters (Michigan Credit Union League 2011 Legislator of the Year) joined the group to discuss maintaining credit unions’ tax status, fixing interchange, raising the cap on member business lending and supplemental capital. Michigan’s credit unions spent the rest of the day visiting lawmakers on Capitol Hill to lobby for their support on issues. See the video above recapping Wednesday’s activities …


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