Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (11/22/2010)
Inside Washington
* WASHINGTON (11/22/10)--Regulators claim they are taking action against mortgage servicers that fail to follow mortgage guidelines, but observers maintain the agencies are ineffective in punishing noncompliant firms. At a House Financial Services housing subcommittee hearing on Thursday, the Treasury Department and the Federal Housing Administration said servicers have failed to comply with the conditions of government programs less than 5% of the time, and those firms for the most part have been ordered to make the necessary improvements to ensure approval (American Banker Nov. 22. But lawmakers like Rep. Maxine Walters (D-Calif.) argued that monetary penalties or sanctions should be leveled against firms that failed to comply with the Home Affordable Modification Program (HAMP). Under the program, the Treasury can deny compensation to noncompliant servicers. Julia Gordon, a senior policy counsel at the Center for Responsible Lending, said that without the threat of penalties, HAMP is unlikely to modify the behavior of consistently noncompliant firms …


RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
4 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
5 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
5 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
5 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
6 hours ago