Category Archives: Politics and Policy
Military First-Time Homebuyers Get New Assistance Program
In an effort to help both veterans and active-duty military members participate in today’s housing market, the Pentagon Federal Credit Union (PenFed) Foundation is offering a new program to first-time, military homebuyers called the Dream Makers Program[1]. The program is designed to help eligible military members – including employees of the U.S. Department of Defense … Continue reading
U.S. Commerce Department Reports New-Home Sales are Stabilizing
Although new home sales actually fell last month, the U.S. Commerce Department says that the new-home market is stabilizing thanks to increases in prices and declining inventories[1]. Also showing signs of optimism are the country’s builders, who broke ground on more houses in June than in any time prior in 2011. New homes are attractive … Continue reading
Attorneys General Moving Out on Their Own in Lending Settlement
Although the news has been full of information about the proposed settlements between lenders accused of foreclosure negligence and outright fraud and the 50 state attorneys general, in reality the settlement may be farther away than the banks might hope. As several AGs begin to voice objections to the proposed settlement and its terms, they … Continue reading
Bank of America Fights, Loses to Nevada HOAs
Recently, Bank of America filed suit against myriad Nevada homeowners’ associations (HOAs), claiming that it did not have to pay fees and collection costs before gaining clear title on foreclosed properties. The lender alleged that HOAs and their associated collections agencies were collecting on “inflated assessments and collection costs that buyers of foreclosed homes are … Continue reading
Lead Paint Regulations Stalled in House of Representatives
Controversial lead-paint regulations have been stalled in the House of Representatives, for the time being, at least. The National Association of Realtors (NAR) recently announced that until the Environmental Protections Agency (EPA) meets obligations to provide information and equipment that would enable businesses to comply with the proposed Lead Renovation, Repair and Painting (LRRP) rules, … Continue reading
FTC Sends Out $108 Million to Countrywide Homeowners
More than 450,000 Countrywide borrowers will be getting checks in the mail from the Federal Trade Commission as payback for excessive fees collected from borrowers struggling to keep their homes[1]. This is one of the largest judgments ever in an FTC case and it is the largest settlement yet in a mortgage servicing case. Jon … Continue reading
FTC Announces It Will No Longer Enforce Mortgage Relief Provisions
Citing confusion and misleading information, the Federal Trade Commission (FTC) announced last week that it will no longer require real estate agents to make certain disclosures to distressed homeowners hoping to obtain short sales[1]. The disclosures were part of the Mortgage Assistance Relief Services (MARS) rules that were designed to protect homeowners from being mislead … Continue reading
Banking Regulators to Review of More than Two Million Foreclosures
In a move to identify home owners who may have experienced improper foreclosures during 2009 and 2010, the Office of the Comptroller of the Currency (OCC) will require banks to review 2009 and 2010 foreclosures – if the homeowners request it. Julie Williams, OCC chief counsel, announced the move and indicated that home owners who … Continue reading