Funding a Result of Multi-State Settlement with Five National Banks in Connection with Illegal Foreclosures and Loan Servicing
Housing News
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules to protect homeowners from surprises and costly mistakes by their mortgage servicers.
The first set of CFPB’s proposed rules would provide consumers with clear and timely information about their mortgages so they can avoid costly surprises. They would bring greater transparency to the market.
A notice announcing the FY13 Proposed Fair Market Rents (FMRs) was posted in the Federal Register on August 3. FMRs are used as the basis for determining payment standards in the Housing Choice Voucher (HCV) program, and appropriate rents for project-based programs.
The Federal Reserve Bank of Boston is encouraging borrowers who were financially harmed in the mortgage foreclosure process in 2009 and 2010 to request an independent review. If the review finds errors in how the foreclosure was handled, borrowers may be eligible to receive compensation. Borrowers have until December 31, 2012, to submit a request. To get more information or start the process visit: www.independentforeclosurereview.com
To apply borrowers need to meet the following three requirements:
BOSTON – Friday, August 3, 2012 – Governor Deval Patrick today signed “An Act Preventing Unlawful and Unnecessary Foreclosures.” The new law expands important consumer protections and continues the Commonwealth’s national leadership on foreclosure prevention.
Click here to read the full press release.
HUD's draft interim regulations for the Continuum of Care program will take effect 30 days after publication in the Federal Register. HUD will accept comments for 60 days after publication.
Click here for more details.
From HUD's website:
The final notice implementing RAD, incorporating changes made as result of public comments on the initial notice (PIH Notice 2012-18), will be released Thursday, July 26, 2012.
Upon the notice’s release, owners will have 90 days to apply to be considered for the Initial Application period. Additionally, owners of Rent Supp, RAP, and Mod Rehab properties looking to participate in RAD’s second component, which allows the conversion of assistance to the PBV program, will be able to apply immediately under revised rules.
Some of the recommendations made by the Trust are as follows:
CHAPA is promoting Senior Program Manager Katy Trudeau to a new position: Director of Special Projects. Katy has been at CHAPA for 5 years and has done an outstanding job, readily earning this promotion.
CHAPA will be hiring a new Program Manager to manage the Massachusetts Homeownership Collaborative and HUD Housing Counseling Program. The deadline for responses is Friday, August 10th. Please click here to view the job description.