| | Latest News: 2005 |
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| State & Local Updates |
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| 6/30/05 | Real Estate Industry Associations Call For Illinois Governor To Veto IL HB4050 |
| 3/21/05 | Pennsylvania Releases Report On Statewide Mortgage Foreclosures |
| 3/9/05 | "High Cost Mortgage Act" introduced in Iowa House (HF 422) on February 23, 2005 |
| 3/4/05 | Michigan OFIS Targets Predatory Mortgage Practices |
| 3/2/05 | Governor David F. Freudenthal signs SF13 - "Wyoming Residential Mortgage Practices Act" - Bill provisions take effect February 25, 2005 |
| 2/25/05 | Capital City Mortgage Settles FTC Deceptive Lending Charges |
| 2/23/05 | Fitch Revises RMBS Guidelines for Antipredatory Lending Laws |
| 2/2/05 | OCC Issues Guidelines to Prevent Predatory Residential Mortgage Lending Practices |
| 1/31/05 | HUD Publishes Technical Amendments to Property Flipping Prohibition Rules (ML 2005-05) |
| 12/16/04 | Fitch Comments on Indiana Predatory Lending Legislation |
| | Latest News: 2004 |
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| 12/16/04 | Fitch Responds to Illinois Interest Act Court Action |
| 12/15/04 | Freddie Mac Industry Letter Addresses Antipredatory Lending Legislation in Indiana |
| 12/3/04 | OCC Paper Considers The Wealth Effects of OCC Preemption Announcements After the Passage of the Georgia Fair Lending Act |
| 12/1/04 | New Jersey Department of Banking and Insurance Bulletin regarding the NJ Home Ownership Security Act of 2002, the predatory lending statute that was amended this year and took effect in July |
| 10/20/04 | Standard & Poor's Release Predatory Lending Law Update |
| 10/1/04 | Michigan HB 6291 introduced, " a bill to amend the Consumer Mortgage Protection Act of 2002 (2002 PA 660)" |
| 10/1/04 | Freddie Mac Addresses Antipredatory lending legislation in MA (Industry Letter 10/1/04) |
| 10/1/04 | DBRS Updates U.S. RMBS Predatory Lending and Assignee Liability Issues |
| 9/30/04 | Fannie Mae Limits Purchase of “High Cost” Loans from Massachusetts |
| 9/21/04 | Standard & Poor’s Provides an Anti-Predatory Lending State Law Update |
| 9/17/04 | HUD Proposes Rule Regarding Real Estate Broker Participation in Predatory Lending Practices Targeted At FHA borrowers. |
| 9/7/04 | S.B. 99 - Signed by governor 5/24/04, Chapter 140 – A Bill that regulates certain mortgage loans and mortgage loan practices |
| 9/7/04 | Louisiana Legislature Establishes Predatory Lending Task Force |
| 9/7/04 | Utah Governor Signs HB 160 - Utah High Cost Home Loan Act (Public Law Chapter 252) |
| 8/25/04 | Fitch Comments on New Jersey's Amendment to 2002 NJ Homeownership Security Act |
| 8/9/04 | Massachusetts Governor Signs M.A. House Bill 4880, which is entitled "An Act Prohibiting Abusive Practices in Home Mortgage Lending." |
| 7/6/04 | Governor signsNew Jersey S279. Bill makes various revisions to the "New Jersey Home Ownership Security Act of 2002." Including removing "covered home loan category” and the “reasonable tangible net benefits” test from the law. |
| 6/16/04 | OCC Calls For Greater Cooperation to Combat Predatory Lending |
| 5/27/04 | Fed Issues Cease And Desist Order And Levies Civil Money Penalty Against Citigroup, Inc. |
| 5/24/04 | Tennessee Governor Phil Bredesen (D) Signs SB 3455 (Chapter 747) |
| 5/18/04 | Standard & Poor's Clarifies Credit Risk Posed By Anti-Predatory Lending Laws |
| 4/22/04 | Wisconsin Governor Jim Doyle signs AB 792 on April 15 to combat predatory mortgage lending practices (Act 257) |
| 4/14/04 | Federal Agencies Publish Spanish-Language Version of Consumer Brochure on Predatory Lending |
| 3/31/04 | New Jersey Lender Study Finds Significant Drop in Mortgage Availability After State Implements Predatory Lending Law - MBA Calls for Uniform National Standard of Laws |
| 3/24/04 | Indiana Predatory Lending Bill (HB 1229) Signed into Law |
| 2/12/04 | North Carolina Anti-Predatory Lending Law Reviewed by Standard & Poor's |
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| 2/9/04 | Indiana House passes Predatory Lending Bill (HB 1229). Key provisions of the Bill would restrict certain lending acts and practices and establish the homeowner protection unit in the office of the attorney general. |
| 1/15/04 | Indiana SB 456 Introduced -- Restricts certain lending acts and practices and establishes the homeowner protection unit under the attorney general. |
| Fannie Mae |
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| 3/4/04 | S&P Releases Criteria Regarding OCC Rule on Preemption of State Anti-Predatory Lending Laws |
| 3/4/04 | S&P Addresses OCC Rule Regarding Preemption of State Anti-Predatory Lending Laws |
| 2/5/04 | Fitch Ratings Addresses leveland, OH Predatory Lending Legislation |
| 1/15/04 | Fitch Ratings Addresses New Mexico Predatory Lending Legislation |
| 1/15/04 | Fitch Ratings Updates Rating Criteria Regarding Predatory Loans |
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Federal Updates
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| 3/30/04 | House Committee to Conduct OCC Oversight Hearing |
| 3/30/04 | House Subcommittees Conduct Joint Hearing entitled "Subprime Lending: Defining the Market and its Customers" |
| 2/24/04 | FTC Testifies on its Efforts to Combat Unfair and Deceptive Subprime Lending |
| 2/13/04 | House Democrats Urge Delay in OCC Preemption Rule |
| 1/28/04 | OCC Tells House Panel New Regulations Grounded in Federal Law |
| 1/27/04 | House Subcommittee to Address OCC Pre-emption |
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| | Latest News: 2003 |
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| Fannie Mae |
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| 12/15/03 | Fitch Ratings Addresses Illinois Predatory Lending Legislation |
| 11/26/03 | Freddie Mac revises purchase requirements based on the enactment of antipredatory lending legislation in New Jersey, New Mexico, Oklahoma, Illinois, Maine and Nevada (Industry Letter 11/26/03) [pdf] |
| 11/25/03 | Standard & Poor's Permits Additional New Jersey Mortgage Loans Into Rated Single Family Transactions |
| 11/25/03 | Sen. Sarbanes introduces "‘‘Predatory Lending Consumer Protection Act of 2003’’. [pdf] |
| 11/21/03 | Fannie Mae Addresses the Purchase of New Jersey and New Mexico "High-Cost Home Loans," and Illinois "High-Risk Home Loans," (Guide Announcement 03-12) |
| 11/20/03 | New Jersey Banking and Insurance Department publishes a new bulletin to addresses the New Jersey Home Ownership Security Act of 2002 [Bulletin 03-30] [pdf]. The State has also instituted a "Predatory Lending" website at http://www.state.nj.us/dobi/predatory.shtml. |
| 11/18/03 | Standard & Poor's Addresses Illinois High Risk Home Loan Act [SB1784_PL93-0561] [pdf] |
| 11/18/03 | Standard & Poor's Addresses Oklahoma Predatory Lending Act (House Bill 1574 [pdf] |
| 11/17/03 | Fitch Ratings: Predatory Loan Screening Mitigates RMBS Enhancement Levels |
| 10/31/03 | National Conference Of Ommissioners On Uniform State Laws (NCCUSL) to discuss a new Model Mortgage Release Act
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| 10/27/03 | Fitch Ratings Addresses Predatory Lending Legislation of Los Angeles, CA and Oakland, CA |
| 10/7/03 | Standard & Poors: Anti-Predatory Lending Laws Assume a Prominent Role in the U.S. RMBS Market |
| 8/1/03 | Fannie Mae Guide Announcement 03-07 [pdf] : Purchase of Kentucky and Arkansas "High-Cost Home Loans". For More Fannie Mae Announcements, Click Here. |
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 | Please Check Below For Additional Information |
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Federal Updates
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| Regulatory |  | |
| 10/9/03 | Federal Reserve Governor Edward M. Gramlich Give An update on the predatory lending issue [pdf] |
| 9/10/03 | OCC Hawke in a Speech Responds to State Complaints of Pre-emption [pdf] |
| 9/4/03 | OTS Preempts New Mexico Home Loan Protection Act [pdf] |
| 7/31/03 | OCC Preempts State Predatory Lending Laws - Proposes Strong Anti-Predatory Lending Standard |
| 7/31/03 | OCC Working Paper Economic Issues in Predatory Lending [pdf] |
| 7/24/03 | OCC Head Urges New Approach to Combating Predatory Lending |
| 2/21/03 | OCC Warns Banks To Avoid Ties To Predatory Lending |
| 1/30/03 | OTS Says New York Law Does Not Apply To Federal Thrifts |
| 1/22/03 | OTS Says Georgia Law Doesn't Apply to Federal Thrifts |
| 12/6/02 | OTS Delays Effective Date For Parity Act Revisions [pdf] |
| 12/2/02 | MEMBER ALERT: MBA Requests Delay Of Parity Rule Changes |
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| Legislative | | |
| 2/27/03 | Rep Robert E. Andrews, Introduced "Homeowners' Escrow Payments Assurance Act" (HR 650). [pdf] The bill would"...amend the Real Estate Settlement Procedures Act of 1974 to provide for homeowners to recover treble damages from mortgage escrow servicers for failures by such servicers to make timely payments from escrow accounts for homeowners insurance, taxes, or other charges, and for other purposes." [Status] |
| 2/14/03 | Reps. Ney, Lucas Introduce Federal Predatory Lending Bill |
| 2/3/03 | U.S. Rep. Ney Drafts Federal Predatory Lending Bill |
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| Judicial | | |
| 3/21/03 | Ninth Circuit Court of Appeals Affirms FHA Yield Spread Premium Ruling in Bjustrom [pdf] |
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| State & Local Updates | |
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| 10/3/03 | New Jersey B&I Commissioner Proposes Rules [pdf] to Implement the New Jersey Home Ownership Security Act of 2002 (High-Cost Home Loan Credit Counselors - Comment By: November 14, 2003) |
| 10/1/03 | Nevada: S&P Gives Cautious Nod to Nevada Predatory Lending Law |
| 9/12/03 | Maine: S&P Will Rate Structured Finance Transactions That Include Maine Loans |
| 8/25/03 | North Carolina HB 917 [pdf] -Governor Vetos Lending Revisions |
| 8/21/03 | Illinois SB 1784 / PL 93-0561 [pdf]. Signed by Governor August 20, 2003. Creates the High Risk Home Loan Act to protect borrowers who enter into high risk home loans from abuses that occur in the credit marketplace. |
| Check Here For Items Previously Posted Here and More State Updates |
| | MBA Resources | |
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| 7/23/03 | MBA Chairman-Elect Discusses Solutions to Predatory-Lending Practices before NCSL |
| 7/14/03 | Predatory Lending Studies, Reports and Resources – Bibliographies Compiled by MBA:
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| 5/01/03 | MBA To Host "Enforcement Summit" To Combat Predatory Lending |
| 3/12/01 | MBA Comments On the Federal Reserve Board’s Proposed Amendments to Regulation C (HMDA Disclosure Requirements). Download Proposed Regulations [PDF] [Text] |
| | Industry Resources | |
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| 4/01/03 | GSEs Address Purchase of "High-Cost Home Loans" From Georgia and New York City -- Freddie Mac [pdf] and Fannie Mae [pdf] |
| 3/31/03 | Freddie Mac Sends Out Industry Letter: New York State Banking Law/Georgia Fair Lending Act [pdf] |
| 6/25/02 | Advocacy Groups, Attorneys General Back OTS Proposed Rule to Combat Predatory Lending |
| 6/19/02 | NAMB Unveils Model Licensing Law [pdf] |
| 3/2/02 | Freddie Mac Will No Longer Invest In Subprime Mortgages With Prepayment
Penalty Terms Greater Than Three Years |
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| | Web Links | |
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| Special Reports / Public Hearings | | |
| 3/31/04 | New Jersey Lender Study Finds Significant Drop in Mortgage Availability After State Implements Predatory Lending Law - MBA Calls for Uniform National Standard of Laws |
| 7/31/03 | OCC Working Paper Economic Issues in Predatory Lending [pdf] |
| 6/25/03 | New Study Finds North Carolina Predatory Lending Law Cuts Abuses, Does Not Dry Up Credit For Borrowers. Read Report [pdf] |
| 5/27/03 | OFHEO Releases Study: "Subprime & Prime Mortgages: Loss Distributions"[pdf] |
| 5/20/03 | "Foreclosing on Opportunity: State Laws and Mortgage Credit" by Karen Penee, February 14, 2003 (Board of Governors of the Federal Reserve System) [pdf] |
| 3/14/03 | Fitch To Rate RMBS After Amendment To Georgia Predatory Lending Statute, GFLA |
| 3/12/03 | S&P Will Admit Georgia Mortgage Loans [pdf] Into Rated Structured Transactions |
| 2/10/03 | Georgia Bankers Association' Releases White Paper "The Unintended Consequences: Real-world Experiences, Effects on Credit Availability, Reaction by the Secondary Market, Legislative Solutions" [pdf] |
| 2/5/03 | FitchRatings Declines To Rate Georgia Loans In RMBS Pools |
| 1/30/03 | Moody's Expands Consideration of Assignee Liability of Residential Loan from Georgia in Securitizations |
| 1/17/03 | Standard & Poor's to Disallow Georgia Fair Lending Act Loans |
| 1/16/03 | New Report by Robert Litan, Brookings Institute Economist, Finds State and Local Laws Premature, Unwise and Potentially Harmful |
| 1/02/03 | Fitch Ratings Comments On Recent Predatory Lending Legislation |
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