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Despite the mounting charge from burgeoning nonbank servicers, three large banks still control the majority of the servicing market.
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Despite the opinions of many that low-down-payment mortgages didn't cause the housing crisis, the fact is that these types of loans did contribute mightily to the bubble that burst.
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.
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.
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