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Monthly Archives: June 2009
U.S. Comptroller Urges Regulatory Standards for Reverse Mortgages
Warning that reverse mortgages pose significant compliance risks, Comptroller of the Currency John C. Dugan said regulators should set standards for national banks “before real problems develop.” During a speech yesterday at the American Bankers Association’s Regulatory Compliance Conference in … Continue reading
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HECM Claims Exceed Fiscal Year 2008
Eight months into this fiscal year, home equity conversion mortgage claims to the Federal Housing Administration have already surpassed all of fiscal year 2008, according to data released by the Department of Housing and Urban Development. Through the end of … Continue reading
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Vermont Governor Signs Reverse Mortgage Legislation
Vermont Gov. Jim Douglas signed a bill today that limits reverse mortgages to federal programs, effectively eliminating the potential for a proprietary market in the small state. The bill, H 222, states lenders must be approved by the Department of … Continue reading
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Fannie Mae Discontinuing CMT HECM Purchases
Fannie Mae, the reverse mortgage industry’s dominant investor, announced today that it will stop committing to buy home equity conversion mortgages priced off of the Constant Maturity Treasury index effective Sept. 1. “Fannie Mae’s decision to discontinue offering commitments to … Continue reading