All Posts Tagged With: "HOEPA"
The mortgage foreclosure legislation Congress won’t touch
Stashed away in a drawer somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders. But Congress has not touched the Produce the Note Act since it was first introduced in February 2009 — nearly two [...]
29Nov2010 | Peter G. Miller | 0 comments | Continued
Mortgages & Foreclosures: Let’s Pick On Real Estate Investors
The way things are going Arizona is scheduled to have a new foreclosure law in place by the end of September. In basic terms, SB 1271 says lenders can seek a deficiency judgment if you did not live in a property for six months in a row before foreclosure. Translation: The legislation is aimed at [...]
7Aug2009 | Peter G. Miller | 0 comments | Continued
When Did The Mortgage Meltdown Begin?
It’s official. We now have a starting date for the mortgage meltdown. It was February 27, 2007, almost two-and-a-half years ago. It was on that date that Freddie Mac said it would no longer purchase subprime mortgages and high-risk mortgage-backed securities. Who says? The Federal Reserve Bank of St. Louis. It has come up with [...]
27Jul2009 | Peter G. Miller | 0 comments | Continued
The “Consumer” Protection Panel That Isn’t
It was with some fanfare that the Federal Reserve announced that it would create a Consumer Advisory Council to provide advice regarding issues from a public perspective. Now you might think, aha, a Consumer Advisory Council…wouldn’t that be a panel which consists largely or entirely of, er, well, consumers? You might think so, but the [...]
22Jun2009 | Peter G. Miller | 0 comments | Continued
Obama Regulatory Reform: Right Idea — Not Far Enough
The President’s new effort at regulatory reform ought to be applauded, at least for the reason that we once-again have a president who believes that regulation is a legitimate government activity. That said, the President’s 89-page regulatory reform proposal falls short because it does address two issues: Getting regulators to regulate and creating a fiduciary [...]
18Jun2009 | Peter G. Miller | 1 comment | Continued
Mortgages, Foreclosures & The Disgrace of Journalism
It was long ago when I received a degree in journalism. I wanted to study journalism because it gave me an opportunity to travel and to meet interesting people. I have been a correspondent on Capitol Hill and at the White House, I have lived on an offshore drilling rig in pursuit of a story, [...]
14Mar2009 | Peter G. Miller | 0 comments | Continued
Mortgages & The Unnecessary Crisis
July 14, 2008 should be remembered as a notable date in the long history of mortgage lending. The federal government gingerly stuck its regulatory foot into the warm waters of consumer advocacy and for the first time enacted rules which would protect borrowers. Not all borrowers, of course, and nothing that would materially disturb the [...]
31Dec2008 | Peter G. Miller | 0 comments | Continued
Raising Loan Standards To Protect The Public
The Federal Reserve wants to give the poor, illiterate, elderly, and gullible a better shot at reasonable home equity financing at reasonable cost, a proposal opposed by the banking community. With the growing outcry against predatory lending and with massive annual profits, you would think that the banking lobby would let this one slide — [...]
11Sep2008 | Peter G. Miller | 0 comments | Continued
The Illusion of Mortgage Protection
With a growing number of foreclosures nationwide, it’s good to know that the federal government has consumer protections in place to defend the public interest. What’s not so good is what those “protections” actually say. Speaking in Chicago, Federal Reserve Board Chairman Ben Bernanke said “the Home Ownership Equity Protection Act (HOEPA) gives the Board [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
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