Members of the House Financial Services Committee are asking the Securities and Exchange Commission for guidance on restructuring troubled subprime loans in mortgage-backed securities so that servicers can prevent foreclosures.In a letter to the SEC, the committee members note that a lack of clarity is causing some servicers to refrain from making loan modifications for "fear" of violating the Financial Accounting Standard Board's servicing rule (FAS 140). "Does FAS 140 clearly address whether a loan held in trust can be modified when default is reasonably foreseeable or only once a delinquency or default has already occurred?" the June 15 letter inquires. "If not, can it be clarified in a way that will benefit both borrowers and investors?" Separately, the SEC, federal banking agencies, the Internal Revenue Service, the Big Four accounting firms, and mortgage industry officials are scheduled to meet with FASB members and staff on June 22 to discuss similar servicing issues involving loan modifications.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
May 6 -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
May 6 -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
May 6 -
Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Ex-CEO Michael Strauss used the lender's bank various accounts to pay for his own expenses, a trustee for the failed lender claims.
May 6