Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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US bank agency wants comments on "unfair" lending
Reuters - 13 hours ago
Some US lawmakers have introduced legislation to protect consumers, including subprime mortgage borrowers, from predatory lending practices by limiting financing charges for certain home loans, banning prepayment penalties and verifying a borrower's ...
 


US bank agency wants comments on "unfair" lending

 ETFri Aug 3, 2007 9:08am




WASHINGTON, Aug 3 (Reuters) - The U.S. Office of Thrift Supervision on Friday issued a notice seeking comment on how to address problems that might be considered "unfair and deceptive acts or practices" in lending products.

The regulator of the thrift industry, which typically focuses on mortgage lending, said it will accept public comment for 90 days. It said it also wants responses as to whether there is a need for the agency to expand its regulatory authority to include guidance to the industry.

The OTS said it hopes to work with other federal regulatory banking agencies to maintain consistency in the interagency process to create a level playing field for financial institutions.

The proposal comes at a time when federal banking authorities, including the Federal Reserve, have been criticized for responding late to early clues to possible problems in the mortgage market for borrowers with poor credit history.

Some U.S. lawmakers have introduced legislation to protect consumers, including subprime mortgage borrowers, from predatory lending practices by limiting financing charges for certain home loans, banning prepayment penalties and verifying a borrower's ability to repay a loan.

(Reporting by John Poirier)

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