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.
Click here to read more.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
