Independent Foreclosure Review
On November 1, the OCC announced that, in connection with the enforcement actions taken against 14 large mortgage servicers in April 2011, borrowers with foreclosure proceedings on their primary residences initiated by those servicers between January 1, 2009 and December 31, 2010 can request an independent consultant to review the potential foreclosure deficiencies if the borrowers believe they have suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings. The Fed also announced that the four large mortgage servicers subject to enforcement actions that are supervised by the Fed (GMAC, HSBC, SunTrust, and EMC) will be required to conduct this program as part of their compliance with Fed procedures. The independent review is free of charge for borrowers. Requests for review by the servicers' independent consultants must be received by April 30, 2012.
OCC Release. Fed Release.
OCC Issuance on Revision of Appeals Procedures
On November 1, pursuant to Section 316 of the Dodd-Frank Act, the OCC released an issuance revising the procedures for national banks to appeal agency decisions and actions to include federal savings associations. Issuance.
Hearing on the Private Mortgage Market Investment Act
On November 3, the House Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises held a hearing on the proposed Private Mortgage Market Investment Act. Hearing Testimony.
MSRB Amendments to Underwriter Fair Dealing Proposal
On November 3, the MSRB filed amendments to its proposal regarding the duties of underwriters of municipal securities to state and local governments. The amendments would enhance certain disclosure requirements for underwriters as well as clarify the risk disclosure requirements of the proposal. Comments on the proposal should be submitted to the SEC. MSRB Release. MSRB Amendments.
HUD Rule to Improve HOME Program
On November 4, HUD proposed a new rule under its Home Investment Partnerships Program ("HOME"). The proposed regulatory requirements would, among other things, require state and local governments to: (i) adopt policies and procedures to improve project oversight; (ii) develop a system for assessing the relative risk of projects, and more closely monitor HOME-funded sub-recipients; and (iii) assess the capacity of developers and the long-term viability of projects prior to committing HOME funds. HUD Release.
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