Servicing Rules, HAMP Cancellations, mREIT Leverage, Foreclosure Fail, TBTF Non-Banks, 6 Million HARP, Strengthening FHA

mncfay[5]BillCoppedge_26Nov2011

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Do new mortgage servicing rules go far enough? – by Ilyce Glink – (MoneyWatch) The Consumer Financial Protection Bureau faces another battle, this time over its new mortgage servicing rules: Do they go too far or not far enough?

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More than 1 million HAMP mods canceled – By Jon Prior – The 1 millionth Home Affordable Modification Program trial or permanent workout failed in July, according to the latest Treasury Department data released Thursday. – Housingwire

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Mortgage REITs’ leverage poses significant risks to the overall mortgage market – BY SOBER LOOK – Credit Writedowns

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(800,000 homeowners faced unnecessary foreclosure) Foreclosure Fail: Study Pins Blame on Big Banks – by Paul Kiel – Pro Publica
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(GE, Pru, MetLife?) U.S. Said Set to Target First Non-Bank Firms for Scrutiny – By Cheyenne Hopkins and Ian Katz – … The council considers companies with more than $50 billion in assets as systemically important if they also meet one of the following thresholds: a 15-to-1 leverage ratio; $3.5 billion in derivatives liabilities; $20 billion of outstanding loans borrowed and bonds issued; $30 billion in gross notional credit- default swaps outstanding; or a 10 percent ratio of short-term debt to assets. … – Bloomberg
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FBR: Some 6M Borrowers May Qualify for HARP – BY: TORY BARRINGER – The M Report

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House Passes Bill To Shore Up Embattled FHA Fund – BY: RYAN SCHUETTE – … If it becomes law, the bill would strengthen HUD’s ability to do away with lenders that fail important lending criteria and allow the federal agency to avoid losses on defaulted loans underwritten by non-compliant lenders. The law would allow HUD to charge up to 2.05 percent in annual insurance premiums, establish an annual fee for lenders at 0.55 percent, and deepen repayment requirements for lenders that commit fraud or violate other FHA criteria. … – The M Report

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