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
GAO CFPB regulators must add to mortgage oversight
WASHINGTON (5/9/11)—Noting that federal oversight of servicers’ foreclosure activities “has been limited and fragmented,” the U.S. Government Accountability Office (GAO) last week called on the developing Consumer Financial Protection Bureau (CFPB) and fellow regulators to create plans for mortgage servicer oversight. Focus on foreclosure related activities has increased with the recent news of loan and foreclosure documentation issues in several mortgage servicers. As a result, the GAO was tasked with studying past servicer oversight, current and future oversight plans, and the potential impact of those oversight plans. The GAO found that while authorities had the right to examine foreclosure activities, those activities were not looked into, as regulators did not believe that foreclosure practices posed a risk to safety and soundness. The report suggested that the Comptroller of the Currency, the Federal Reserve, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and the CFPB all “develop and coordinate plans to provide ongoing oversight and establish clear goals, roles, and timelines for overseeing mortgage servicers under their respective jurisdiction.” These regulators should also create national standards for mortgage servicing and foreclosure practices, the GAO said. That agency also called on regulators to “assess the risks of potential litigation or repurchases due to improper mortgage loan transfer documentation on institutions under their jurisdiction and require that the institutions take action to mitigate the risks, if warranted.” Although credit unions have seen some increases in foreclosure-related activity due to the overall decline in the economy, the majority of credit unions were much more careful in their lending activities, and did not originate toxic mortgages nor engage in the subprime mortgage market. For more on the GAO report, use the resource link.
Other Resources

RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
5 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
9 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
10 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
10 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
11 hours ago