N.C. Trade Group Clarifies YSPs Under New Law
A mortgage trade group in North Carolina has warned its members that news reports indicating yield spread premiums are prohibited under a new state law are wrong. The new law does, however, place limitations on mortgage broker income earned on high-cost loans.
Earlier this week, North Carolina Gov. Mike Easley announced he signed a number of bills designed to "drastically reduce" foreclosures in the state.
Dubbed the "Emergency Foreclosure Reduction Program," Easley said more than 25,000 foreclosures could be prevented by the legislative package.
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Massive Foreclosure Prevention Efforts Underway
Members of Congress are prodding servicers to hold off on foreclosures while new legislation is implemented, while a group of nonprofits is working to ensure foreclosure funds designated by the new law are put the highest and best use. In Chicago, the price of holding a vacant property rose, and the cost for foreclosure consultation from a Phoenix attorney fell. Two firms have automated the process of identifying foreclosure prospects and recommending solutions.
Freddie to Stop Buying Some N.Y. Mortgages
A new mortgage law in New York has prompted Freddie Mac to quit buying some loans in that state.
Foreclosure Friends and Foes
A legal firm says it helps some delinquent borrowers stay in their homes up to eight months without making payments and helps others who have had no hardship but are upside down in their mortgages. Meanwhile, two states have enacted new foreclosure legislation and more companies are coming to the aid of overwhelmed servicers -- with two recruiting displaced mortgage professionals.
Legislation Aims to Bring DPA Back
Just as seller-funded downpayment assistance appeared to be on its way out the door, new legislation has been introduced to bring it back.
Housing Bill Now Law
President Bush has signed a massive housing bill into law. The legislation includes provisions for a stronger agency regulator, a first-time homebuyer tax credit and foreclosure assistance.
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Foreclosure Prevention is Widespread
The increase in foreclosure is matched only by the increase in foreclosure prevention activity. The efforts are being take by public and private organizations inside and outside the mortgage industry at both the state and federal level.
Housing Bill Approved
Landmark housing legislation has made it through both houses of Congress and is now on its way to the president's desk.
States Boost Lending Oversight
Mortgage professionals in Pennsylvania, Alaska, Indiana, New York and Arizona now face new laws regarding licensing, background checks and lending practices.
Groups Criticize Servicers, States Pass Foreclosure Laws
The governors of three states announced new programs and legislation designed to reduce foreclosures. Meanwhile, mortgage servicers were criticized by two groups who claim too little is being done to prevent foreclosures.
