The House Financial Services Committee on July 29 approved H.R. 5148, the Access to Affordable Mortgages Act, which would exempt certain “higher-risk” mortgages from some newly enacted appraisal requirements while also exempting appraisers from the Uniform Standards of Professional Appraisal Practice in those situations, the Appraisal Institute reported.
The bill would provide lenders exemptions from obtaining full interior inspection appraisals or second appraisals in property “flipping” situations where the loan is classified as “higher risk” (otherwise known as subprime). Both exemptions only apply where the higher-risk requirements are triggered, the loan amount is less than $250,000 and the loan is kept on the creditor’s balance sheet for at least three years, which is projected to only be a small number of loans.
AI supports H.R. 5148 because it provides much needed regulatory relief to appraisers in the small number of cases the exemptions would apply. Appraisers would not have to adhere to USPAP requirements when providing valuation services that adhere to “evaluation” requirements of the federal bank regulatory agencies, which would remain intact. As such, appraisers would be better equipped to provide lenders a range of valuation services that suit the needs of the situation.
AI continues to track H.R. 5148, noting that it’s unsure when the legislation will get a vote on the House floor.
Law360, New York (October 16, 2014, 4:43 PM ET) — A slew of major banks accusing of rigging the London Interbank Offered Rate, or Libor, urged the U.S. Supreme Court on Wednesday to rule that a group of bondholders shouldn’t be allowed an immediate appeal of the dismissal of their antitrust claims while broader multidistrict litigation over the alleged plot continues.
Barclays Bank PLC, Bank of America Corp. and a dozen other banks said lead plaintiffs Ellen Gelboim and Linda Zacher should have to wait until the MDL winds down to take their case to the…
The JPMorgan Chase Corporate Challenge, a series of charitable races held each year in big cities across the world, is one of those feel-good events that bring together professionals from scores of big companies.
It was also a target for the same cyberthieves who successfully breached the bank’s digital perimeters, compromising the accounts of 76 million households and seven million small businesses, according to people with knowledge of the matter.
The JPMorgan Chase Corporate Challenge website, which is managed by an outside vendor, has been conspicuously inaccessible since early August, with visitors to the site seeing only a lonely list of coming races. The link between the breach on that website and the broader attack, which the bank said did not compromise any financial information, has not been previously reported.
The bank said it discovered the breach in the Corporate Challenge website on Aug. 7, about a week after it learned of the broader intrusion into its computer network. By infiltrating the race website, hackers were able to gain access to passwords and contact information for participants, the bank informed them.
Former American International Group Inc. (AIG) Chief Executive Officer Edward Liddy will face a key question on the witness stand in a trial over claims shareholders were cheated of at least $25 billion in the insurer’s bailout: was he or the government running the show?
The U.S. had a hand in everything from press releases to selection of board members after theFederal Reserve Bank of New York loaned the company $85 billion and took most of its stock, according to testimony and documents in the case brought by Maurice “Hank” Greenberg’s Starr International Co.
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Two former Rabobank Groep derivative traders were charged by the U.S. with conspiracy and wire fraud for their roles in an alleged scheme to manipulate Libor, the benchmark for trillions of dollars of securities.
The traders, Anthony Allen and Anthony Conti, were named in a revised indictment filed today in Manhattan federal court. The government claims the two men were part of a conspiracy to artificially influence the U.S. dollar and yen London interbank offered rates to maximize the profitability of Rabobank derivatives tied to the benchmarks.
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The federal judge overseeing the Fairholme Fund’slawsuit against Treasury has denied former Fannie Mae CFO J. Tim Howard admission as an expert to view the material from discovery.
Government attorneys opposed Fairholme’s move to bring Howard on as an expert to view discovery, which is covered under a protective order. They argued that Howard’s knowledge and bias would cause “damage to the economy.”
Howard was hired by Fairholme Funds in their lawsuit against the U.S. Treasury.
Back in August, U.S. Judge Margaret Sweeney handed Fairholme Funds a huge victory when she ruled in favor of broad access in discovery to FHFA records going back years, rather than the narrow period in 2012 that the FHFA wanted to limit discovery to.
This opened up, on a limited basis, more than 800,000 documents to discovery.
- COURT OF APPEALS OF TEXAS, FOURTEENTH DISTRICT, HOUSTON
- Kem Thompson Frost
The appellant/plaintiff asserts that it has standing to challenge whether the defendant is the owner and holder of the promissory note and deed of trust and otherwise challenges summary judgment against him. an assignment of the Deed of Trust is not invalid because the assignment instrument is signed by MERS as nominee for the mortgagee and the mortgagee’s successors and assigns, rather than by the mortgagee. The trial court’s judgment is affirmed. Houston’s 14th Court of Appeals, No. 14-12-01117-CV, 08-07-2014
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