A new federal Mortgage Origination Commission [MOC] is part of the sweeping Treasury regulatory plan announced today by Treasury Secretary Paulson. The role of the MOC is described this way : "..to evaluate, rate, and report on the adequacy of each state’s system for licensing and regulating participants in the mortgage origination process. Federal legislation should establish (or provide authority for the MOC to develop) uniform minimum qualifications for state mortgage market participant licensing systems."
Page 6 of an executive summary of the plan posted by the WSJ HERE provides more detailed information about the MOC. The complete 212 page plan is posted on the C-SPAN website HERE.
The MOC and regulatory enforcement authority is described on pages 80-85 of that document.
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