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The Securities and Exchange Commission is preparing to serve Ocwen Financial Corp. with its second subpoena in as many months, adding to the already mounting regulatory pressure facing the country's largest nonbank servicer.
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CFPB Director Richard Cordray said "efforts to ensure no harm to consumers" should be made "ahead of the transfer, during the transfer, and after the transfer."
The Consumer Financial Protection Bureau said examiners are on the lookout for borrowers getting the "runaround" when their loans are serviced by a new company.
There was a time years ago when second liens were the toughest legacy home loan asset to find a buyer for in the secondary market.
The Federal Housing Finance Agency provided its first specifics Tuesday on how it intends to create a single security for mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.
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U.S. non-governmental residential mortgage-backed securities infrastructure may help Canadian players diversify their funding sources. The U.S. might win more key investors back if it had Canada's credit strengths.
Many lenders expect FHFA Director Mel Watt to encourage credit availability by easing standards for Fannie Mae and Freddie Mac.
Banks and other lenders appear to be waiting on a regulatory signal from the Federal Housing Finance Agency before approving loans for borrowers with less than stellar credit profiles.
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