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Washington
Inside Washington (12/22/2011)
  • WASHINGTON (12/27/11)--North Carolina U.S. Reps. Brad Miller (D) and Walter Jones (R) called on the U.S. Justice Department to investigate violations of the Servicemembers Civil Relief Act (SCRA) that resulted in the foreclosure of active duty servicemembers' homes while some served in Iraq and Afghanistan. In a letter to Attorney General Eric Holder, Miller and Jones cited the Office of the Comptroller of the Currency's (OCC) requirement to review some 5,000 improper foreclosures on military personnel by 10 mortgage servicers or banks that may be in violation of the SCRA. "The SCRA is not some obscure legal technicality that might just have escaped the attention of mortgage servicers," Miller said. "Those servicers are all affiliates of the biggest banks, but they're huge and specialized. Servicing mortgages is all they do, and they really don't have that many laws to keep up with. They have got to have known what the law required, and consciously decided that they could just ignore it, the same way they apparently decided it was okay to file false affidavits in legal proceedings," he added …
  • WASHINGTON (12/27/11)--The Federal Housing Finance Agency may introduce a program to help underwater homeowners who have filed for Chapter 13 bankruptcy protection. Pending the approval of the bankruptcy judge, borrowers would make principal-only payments for five years on Fannie Mae or Freddie Mac mortgages (American Banker Dec. 22). Borrowers' payments would be lower because interest would not be included under the plan, which was devised by bankrupty lawyers. The repayment plan also includes credit card and other unsecured debt, so borrowers have a better chance of remaining in their homes …
  • WASHINGTON (12/27/11)--The Federal Housing Finance Agency (FHFA) will extend implementation dates for a key component of the Uniform Mortgage Data Program (UMDP). Specifically, Fannie Mae and Freddie Mac will delay the voluntary implementation of the Uniform Loan Delivery Dataset (ULDD) until April 23 and will require loan delivery in the new format on July 23 instead of in March. The new timeline for the ULDD does not affect Uniform Collateral Data Portal effective dates. Fannie and Freddie's UMDP initiative was designed to improve the consistency and quality of data for appraisals and other loan information …


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