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SIFMA Knocks Loan Servicer Settlement Terms
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Calling the document “unprecedented in its scope and prescriptiveness,” the Securities Industry and Financial Markets Association (SIFMA) has criticized the so-called settlement agreement with mortgage servicers issued by the 50 state attorneys general in early March. It also rather pointedly requested a seat at the negotiation table. Randy Snook, executive vice president, business policies and practices at SIFMA said that, while the group recognized that the term sheet was only a draft, ” it requires a careful legal and market impact analysis, particularly for unintended consequences.” Snook said that any reform of mortgage servicing standards must reflect the interests of the consumer, the housing market, and the broader economy as we continue to address foreclosure issues. The settlement…(read more)
Choice Neighborhood Initiative Links Housing, Health and Education
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At a press conference on Friday morning the Department of Housing and Urban Development (HUD) announced 17 planning grants under HUD’s new Choice Neighborhood Initiative . The awards range from $167,000 to $250,000 and will go to groups composed of local governments, non-profits, for-profit developers and philanthropists. Choice Neighborhoods is designed to provide support for the preservation and rehabilitation of public and HUD-assisted housing by linking housing improvements with a wider variety of public services including schools, public transit and employment opportunities. In addition six finalists have been selected to compete for approximately $61 million in Choice Neighborhood Implementation Grants . HUD received 119 submissions for Planning Grants and 42 submissions for Implementation…(read more)
Risk Retention Regs Boost Mega-Bank Market Share
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Debate continues over including a 20 percent down payment requirement in new regulations defining “Qualified Residential Mortgages” (QRMs) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. A QRM would be exempted from the rule requiring lenders to retain a 5 percent interest in each mortgage it securitizes; a policy called ” risk retention. ” The Community Mortgage Banking Project (CMBP) released a report Thursday criticizing such a down payment requirement because, among other reasons, it would be good for mega banks. And how do we know the report asked; because Jamie Dimon told us so! Dimon, CEO of JP Morgan Bank was quoted in a recent report from Citigroup as saying that such a requirement could ultimately end up as a positive for the larger players such as JP Morgan and…(read more)