Category Archives: Servicer Safe Harbor

In Letter to Bank Regulators, Senators Reverse Course


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Loan servicers’ star may be quickly fading in Washington. In a stunning reversal of course, Representative Barney Frank (D-Mass.), Chairman of the House of Representatives Committee on Financial Services, and Senator Christopher Dodd (D-Conn.), Chairman of the Senate Committee on … Continue reading

Posted in allocation of loss, Barney Frank (D-MA), BofA, Christopher Dodd (D-CT), Helping Families Save Homes, Hope For Homeowners, investors, loan modifications, Servicer Safe Harbor, William Frey | Leave a comment

Obama Signs Helping Families Save Their Homes Act Into Law, Complete With Servicer Safe Harbor


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On May 21, President Barack Obama signed the Helping Families Save Their Homes Act into law (P.L. 111-22), including the controversial “Servicer Safe Harbor” provision that relieves servicers of their contractual liabilities for modifying loans without investor approval. The House … Continue reading

Posted in Barack Obama, Helping Families Save Homes, incentives, investors, irresponsible lending, legislation, loan modifications, Servicer Safe Harbor, toxic assets | 1 Comment

Grais & Ellsworth Launches ABS Investor Blog


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On Monday, New York law firm Grais & Ellsworth jumped into the legal blogosphere with a new law blog on the fallout from the subprime mortgage crisis entitled “The ABS Investor Advocate.” According to named partner David Grais, the blog’s … Continue reading

Posted in Grais and Ellsworth, Greenwich Financial Services, Helping Families Save Homes, investors, legislation, litigation, loan modifications, Servicer Safe Harbor, subprime, William Frey | Leave a comment

Helping Families Save Their Homes Act (S. 896) Passes Senate, Awaits Approval From House


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The Senate passed a version of the Helping Families Save Their Homes Act (S. 896) on Wednesday by a vote of 91-5. The bill will now go back before the House of Representatives, which can adopt it, amend it, send … Continue reading

Posted in allocation of loss, bankruptcy cramdown, Christopher Dodd (D-CT), Helping Families Save Homes, incentives, investors, legislation, loan modifications, Servicer Safe Harbor | 1 Comment

Amendment to Restrict Servicer Safe Harbor Rejected By Senate


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On Tuesday, the U.S. Senate rejected a measure that would have limited the “Servicer Safe Harbor” provision of the “Helping Families Save Their Homes Act,” which aims to protect servicers from lawsuits over their modifications of residential mortgage loans. The … Continue reading

Posted in costs of the crisis, Helping Families Save Homes, homeowner relief, incentives, investors, irresponsible lending, legislation, Servicer Safe Harbor, William Frey | Leave a comment