The Mortgage Servicing Fairness Act of 2018, introduced by Rep. Maxine Waters (D-CA), aims to protect homeowners against foreclosure and increase the Federal Housing Finance Agency’s (FHFA) oversight of mortgage servicers that conduct business with Fannie Mae and Freddie Mac. Both of these agencies own or guarantee nearly 60 percent of all mortgage loans.
Waters, who is a ranking member of the House Committee on Financial Services, introduced the bill on Monday and said the new legislation will strengthen FHFA oversight of servicers who conduct business with Fannie Mae and Freddie Mac. The new legislation will require:
- Documentation of servicer behavior;
- FHFA evaluation of the services provided to borrowers; and
- Will penalize servicer failure to meet minimum standards established by the FHFA.
The bill is supported by the National Consumer Law Center and the National Fair Housing Alliance.
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