DS News

44 INDUSTRY LEADER CALLS CFPB DEPUTY DIRECTOR'S COMMENTS 'IRRESPONSIBLE' By Krista Franks Brock After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience." Ed Delgado, president and CEO of the Five Star Institute, believes the deputy director's remarks are not only ill-timed but also counter- productive. Speaking before an audience of Mortgage Bankers Association members Wednesday, Antonakes said he is "deeply disappointed by the lack of progress the mortgage servicing industry has made," and added that "too many customers con- tinue to receive erratic and unacceptable treatment." Near the end of his speech, Antonakes said, "My message to you is a tough one. I don't expect a standing ovation when I leave." However, Delgado suggests Antonakes' message was more than simply unpopular with its direct audience. Since the speaking engage- ment, Antonakes' remarks have been picked up and reiterated by media outlets across the nation, sending a message to consumers that the industry has not improved and their financial futures are not secure. Not all agree. Sending this message "at a time when collabo- ration and cooperation are critical to the indus- try–not just to servicers but also to homeowners who need to have confidence in those responsible for managing their mortgages—is simply irre- sponsible—with little merit," Delgado said. In spite of Antonakes' "deep disappoint- ment," the industry has completed more than 6.8 million loan modifications since 2007, according to HOPE NOW, a private-sector industry alliance. Foreclosures have retreated drastically; REOs are back at pre-crisis levels; and the market is stabilizing. Furthermore, while Antonakes points to the 4,900 mortgage complaints the CFPB receives each month, this amount is "diminutive when placed in context with the nearly 80 million mortgages currently in service across the U.S. market," Delgado said. In fact, this translates to complaints on 0.006 percent of mortgages. "To chastise an audience of mortgage servicers without conceding their enor- mous efforts as well as the impact of federal government programs is both inaccurate and negligent," Delgado said. Referencing Rep. Jeb Hensarling's (R-Texas) popular quote about Dodd-Frank's Volckner Rule, Delgado said "given the remarks of Mr. Antonakes, it appears that the CFPB is a solution in search of a problem." Disclosure: e Five Star Institute is the parent company of DS News and DSNews.com. e views expressed here do not reflect those of the editorial staff. CAPTURING TODAY'S DIVERSE OPPORTUNITIES Enterprising women- and minority-led groups are transforming markets across the country in their efforts to advance recovery. ONLY TIME WILL TELL Foreclosure timelines vary from state to state affecting Americans differently. Is this helping or hurting the industry? THE FINAL WORD ON SERVICING Now that the CFPB has unveiled its mortgage servicing rules, let's take a closer look at these definitive directives and what they mean for servicers. THE ABSOLUTE TRUTH Enforceability of absolute assignments in Chapter 11 can be highly unpredictable, with significant variance from jurisdiction to jurisdiction and judge to judge. Bankruptcy isn't the waiting game it used to be— government programs and settlement terms put homeowners and servicers on the same side of structured progress. default servicing in print and online @ dsnews.com 03.2013 Bankruptcy isn't the waiting game it used to be— RESOLUTION IN BANKRUPTCY DIVERSE OPPORTUNITIES Enterprising women- and THE ABSOLUTE TRUTH Enforceability of absolute assignments in Chapter 11 can be highly unpredictable, with significant variance from jurisdiction to jurisdiction and judge to judge. default servicing in print and online dsnews.com THE FINAL WORD ON SERVICING Now that the CFPB has unveiled its mortgage servicing rules, let's take a closer look at these definitive directives and what they mean for servicers. THE ABSOLUTE TRUTH Enforceability of absolute assignments in Chapter 11 can default servicing in print and online @ dsnews.com PINPOINTING REO VALUES When it comes to distressed addresses, the old adage rings true: It's all about location— of the asset, the economy, and the buyers. ENTER THE eNOTE Electronically signed promissory notes are landing on court dockets. Here's what pros need to know to avoid legal wranglings and get their judicial foreclosures off the ground. JUDICIOUS PROPERTY MANAGER NEEDED Amid budget cuts and promises to eliminate waste, the government is bleeding billions to maintain and secure vacant, underutilized federally owned properties. PINPOINTING REO PINPOINTING REO PINPOINTING REO PINPOINTING REO PINPOINTING REO PINPOINTING REO PINPOINTING REO PINPOINTING REO VALUES VALUES VALUES VALUES VALUES When it comes to When it comes to When it comes to When it comes to When it comes to When it comes to When it comes to distressed addresses, distressed addresses, distressed addresses, distressed addresses, distressed addresses, distressed addresses, distressed addresses, distressed addresses, the old adage rings true: the old adage rings true: the old adage rings true: the old adage rings true: the old adage rings true: the old adage rings true: the old adage rings true: the old adage rings true: It's all about location— It's all about location— It's all about location— It's all about location— It's all about location— It's all about location— It's all about location— of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, of the asset, the economy, and the buyers. and the buyers. and the buyers. and the buyers. and the buyers. and the buyers. and the buyers. ENTER THE ENTER THE ENTER THE ENTER THE ENTER THE ENTER THE eNOTE NOTE NOTE NOTE Electronically signed Electronically signed Electronically signed Electronically signed Electronically signed Electronically signed Electronically signed Electronically signed promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing promissory notes are landing on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what on court dockets. Here's what pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid pros need to know to avoid legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get legal wranglings and get their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures their judicial foreclosures off the ground. off the ground. off the ground. off the ground. off the ground. JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY JUDICIOUS PROPERTY MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED MANAGER NEEDED Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and Amid budget cuts and promises to eliminate promises to eliminate promises to eliminate promises to eliminate promises to eliminate promises to eliminate promises to eliminate promises to eliminate waste, the government waste, the government waste, the government waste, the government waste, the government waste, the government waste, the government waste, the government is bleeding billions to is bleeding billions to is bleeding billions to is bleeding billions to is bleeding billions to is bleeding billions to is bleeding billions to maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, maintain and secure vacant, underutilized federally underutilized federally underutilized federally underutilized federally underutilized federally underutilized federally underutilized federally underutilized federally underutilized federally owned properties. owned properties. owned properties. owned properties. owned properties. owned properties. owned properties. default servicing in print and online @ dsnews.com 04 .2013 Where Oh Where Did My REO Go? The once- strong stock of bank-owned homes is dialing down in many markets, and numbers seem programmed for a brusque ebb and fl ow. Cover Story THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com.

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