Hi Everyone,
Thanks for an enjoyable class today. Here’s the follow up from class:
Here’s a summary of the Dodd Frank Wall St Reform Act.
There was a request for information regarding CEO compensation limits under Dodd Frank.
For those who need to brush up on their Shawn Portmann background before he goes down, here’s the salacious Seattle Weekly expose.
Q: How does the WA State Foreclosure Fairness Act apply if the homeowner has a second mortgage?
A: I don’t find any clear language in the statute so I emailed local attorney Christopher Benson, who wrote a nice summary of the FFA.
Oh boy! Here are the new proposed GFE/TIL forms from the CFPB.
Maybe I’ll use this consent order for next year’s WA State Law case study on “how not to run a mortgage company.”
The acronym APOR stands for “Average Prime Offer Rate”
We just had two interesting RESPA cases break this week. One was Fidelity, the other was Prospect Mortgage, both firms are doing business in WA.
and I found that Core Logic report on Short Sale Fraud.
Q: How does the WA State Foreclosure Fairness Act apply if the homeowner has a second mortgage?
A: I don’t find any clear language in the statute so I emailed local attorney Christopher Benson, who wrote a nice summary of the FFA.
I don’t see anything which answers the second mortgage question above from Christopher Benson response? I’m I missing something?
Junior lienholders are mentioned on page 25 of the pdf (page 24 of the actual bill:
http://apps.leg.wa.gov/documents/billdocs/2011-12/Pdf/Bills/House%20Passed%20Legislature/1362-S2.PL.pdf
The act doesn’t specifically say what can happen w/the second mortgage when the first is foreclosing and the homeowner uses the mediation process. The mediator for the lender will be representing the first mortgage in this example. There’s no one there representing the second mortgage….
This is a question for an attorney. Or you could try one of the free HUD-approved housing counselling agencies.
http://www.homeownership.wa.gov