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The CFPB's new proposal would require servicers to offer loss mitigation more than once over the life of the loan under certain circumstances before a loan could proceed to foreclosure.
The Consumer Financial Protection Bureau issued a proposal Thursday that would institute new foreclosure protections for consumers after the agency found its previous mortgage rules didn't go far enough.
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"Over the past few years we have seen a 30% drop in serious delinquencies," said Biniam Gebre, the acting head of FHA.
A report due next week on the Federal Housing Administration's financial health is expected to show that the agency's reserve fund has significantly improved over the past year.
Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.
UNOFFICIAL END? Benjamin Lawsky, superintendent of New York's Department of Financial Services, has not made a formal decision on Wells Fargo's sale of mortgage-servicing rights to Ocwen, but observers said his latest crackdown on Ocwen could spell doom for the deal.
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
New products by Fannie Mae will be “competitively priced,” including against FHA, said Timothy Mayopoulos, the CEO of the government-sponsored enterprise.
The recent drop in interest rates has opened the door for lenders to refinance borrowers with high-cost Federal Housing Administration loans into conventional Fannie Mae and Freddie Mac loans.
But the payoff for the agency is that it increases the availability of credit for consumers.
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