Category Archives: irresponsible lending

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

Posted on June 1, 2009 by Isaac Gradman

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

Amendment to Restrict Servicer Safe Harbor Rejected By Senate

Posted on May 7, 2009 by Isaac Gradman

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

Bondholders Battle Back Over Servicer Safe Harbor

Posted on April 29, 2009 by Isaac Gradman

Back in early March, without much fanfare, the U.S. House of Representatives passed H.R. 1106, entitled the “Helping Families Save Their Homes Act of 2009”, which contained a “Servicer Safe Harbor” provision that would allow servicers to disregard bondholders’ contract … Continue reading →

Posted in BofA, Countrywide, Greenwich Financial Services, Helping Families Save Homes, irresponsible lending, legislation, loan modifications, lobbying, Servicer Safe Harbor, William Frey | 2 Comments

Center For Responsible Lending Publishes Report Linking Failures of WaMu and IndyMac to Poor OTS Oversight

Posted on April 17, 2009 by Isaac Gradman

The Center for Responsible Lending (CRL), a non-profit, non-partisan research and policy organization, has released a report that begins to shed some light on the role that lax regulation played in the mortgage meltdown of the last year and a … Continue reading →

Posted in causes of the crisis, Center for Responsible Lending, Greenwich Financial Services, incentives, IndyMac, irresponsible lending, OTS, oversight, Russian MBS, sellers and sponsors, WaMu, William Frey | 1 Comment