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Inside Washington (08/02/2012)
  • WASHINGTON (8/3/12)--In a letter to acting Federal Home Finance Director Edward DeMarco, Senate Banking Committee Chairman Tim Johnson requested that the agency "rerun" its analysis for principal reductions on Fannie Mae and Freddie Mac loans. On Tuesday, Demarco issued a memo to Johnson indicating he would not allow Fannie and Freddie to offer principal reductions to troubled borrowers, despite the Obama administration's support for such programs. "I request that you rerun your analysis to take into account the issues raised in the memo," Johnson wrote in his letter. "It is important that we look at all relevant analyses and facts presented to make the best decisions on how to help homeowners and protect taxpayers" …
  • WASHINGTON (8/3/12)--The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Thursday announced that the deadline for submitting requests for the independent foreclosure review has been extended to Dec. 31. Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies' Independent Foreclosure Review will have additional time to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011. As part of those enforcement actions, the agencies required 14 large mortgage servicers to retain independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process. If the review finds that financial injury occurred, the borrower may receive remediation such as lump-sum payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records …


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