Oregon Foreclosure Mediation Updates, Including Weekly Implementation Meetings Open to the Public.

OPB's Think Out Loud had a segment Friday on implementation of Oregon's new foreclosure mediation bill (SB1552 ) yet to be signed by the Governor.  You can download a MP3 audio file HERE (mediation segment starts around 20 minutes into the program); the TOL website for the broadcast is HERE. 

Also, the Oregon Attorney General's Office is holding Friday afternoon weekly stakeholder meetings; the web page for the bill that includes links to materials for these meetings is HERE.  From that website: 

The Attorney General’s Foreclosure Mediation Workgroup is charged with the foreclosure mediation program established under SB 1552.

Topics that will be subject to rulemaking include: mediator role and qualifications, mediation fees, the role of the mediation services provider, mediation notice requirements, and mediation guidelines. Agendas may be amended at any time prior to the meeting.

All workgroup deliberations are open to the public. However, the opportunity for public comment may be limited during these meeting. Persons wishing to submit comments or suggestions regarding the foreclosure mediation program may send an email to foreclosuremediation@doj.state.or.us. For questions or assistance regarding workgroup meetings, please contact Kate Medema at kate.e.medema@doj.state.or.us.

The workgroup convened for the first time on March 23, 2012. Subsequent meetings of this workgroup will be from 1:30 to 3:30 pm in the Justice Building, Kulongoski Room, 1162 Court Street NE, Salem, Oregon on: March 30th; April 6th; April 13th; April 27th; May 11th; May 25th and June 8th.

 Originally created and posted on the Oregon Housing Blog.

Materials on $25 Billion Mortgage Servicing Foreclosure. Settlement

DOJ PR HERE; Remarks from AG Holder HERE

 More details on settlement can be found HERE. 

Oregon AG website is HERE. 

Originally created and posted on the Oregon Housing Blog.

Terms of Foreclosure Settlement with Attorney Generals Leaking Out.

Don't know if this is intended to dampen expectations or what but TIME has their take HERE; I have seen other stories indicating settlement will occur by end of year, which means this week.  

[ My estimate: If total settlement is $25 billion, and Oregon home buyers represent 1% of total universe , Oregon home buyers would receive $250 million, $30 million more than Hardest Hit fund].

Originally created and posted on the Oregon Housing Blog.

Oregon Not Listed as Part of State AG's Mortgage Fraud Task Force.

NY Times story HERE.

Washington state AG is Co-Chair; his press release is HERE.

Originally created and posted on the Oregon Housing Blog.

OTS Response to State Foreclosure Prevention Working Group Letter on Loan Modifications.

State Foreclosure Prevention Working Group recently wrote to the Office of Thrift Supervision and the Comptroller of the Currency [HERE] complaining about data on loan modifications in their quarterly Mortgage Metrics reports.

Response from OTS and OCC is HERE. Response says that future Mortgage Metrics reports will have greater detail on loan modifications and includes as atttachment the data dictionary they use (HERE).

[May have been one of the last letters signed by Director of Office of Thrift Supervison, 'cause he is out the door at the end of Feb (see AP news story HERE)].

Countrywide Settlement in Idaho.

Details in the press release from Idaho Attorney General HERE.

Mass Attorney General Files Civil Rights Based Complaint Against Defunct HR Block Affiliated Subprime Lender.

Mass. Attorney General press release is HERE: link HERE is to actual complaint as filed.

From AG's press release:
"Option One and H&R Block used a pricing policy, that encouraged employees and brokers to use subprime loans even for prime-rated borrowers, and gave black and Latino consumers more costly loan terms than those provided to similarly situated white borrowers. The complaint alleges that across Option One and H&R Block loans in Massachusetts, black and Latino borrowers were charged an average of several hundred dollars more in points and fees than other similar borrowers, resulting in millions of dollars of total excess fees. This price disparity is not explained by borrower credit scores or other risk-related characteristics or the amount of the loan, the overall cost of the loan, or variation in other components of the price of the loan, such as the note rate. In some instances, the black or Latino borrowers paid double in points and fees than white borrowers paid."

Statewide Candidates Views on Housing

[Corrected format and hyperlink].
I have previously posted about the housing positions taken by Democratic presidential candidates, but haven't done so for other statewide candidates here in Oregon. In particular candidates for the Senate and for Attorney General come immediately to mind.

So today a initial examination on what's on the Attorney General candidates websites about housing.

Frankly, there wasn't much related to housing for either candidate. and most of what I found related to sub prime loan legislation. Greg Macpherson had details about bills he supported in the last [short] legislative session, while Kroger's housing related information was non specific.

(Since neither candidates websites have a built in search function I had to stumble through several sections of their sites to find anything about housing and then use a site limited Google search to check my results).

Greg Macpherson (http://www.votemac.com/)
His views on recent Oregon sub prime loan legislation are HERE


John Kroger (http://www.johnkroger.com/ )
"I will aggressively attack fraud and abuse in the home mortgage industry"

"As Attorney General, I will fight to ensure that veterans returning from the Iraq war receive the quality health care to which they are entitled and assistance returning to the civilian work force. If anyone discriminates against veterans in the job or housing markets, I will fight to hold them accountable."

Another Attorney General, and Former HUD Secretary, " Gettin' it Done" on Mortgage Appraisals.

Love him or hate him you have to admire the energy and creativity of former HUD Secretary Andrew Cuomo, now the NY Attorney General . (Makes Oregon Attorney General look like from a different world, IMO).

Previously Cuomo has taken on sweetheart deals between student loan providers and big educational institutions and he is now focusing attention on predatory lending and the GSE's. (He had an adversarial relationship with GSE's while serving as HUD Secretary).

HERE is a press release from OFHEO, the government safety and soundness regulator for the GSE's announcing an agreement with Cuomo, Fannie and Freddie, to establish processes to protect against appraisal fraud and over inflation. Included is establishment of a GSE funded "Independent Valuation Protection Valuation Institute" and a new "Home Valuation Code of Conduct".