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nashvillemba.org |
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Welcome to NMBA: Nashville Mortgage Bankers Association |
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The NMBA membership includes a variety of professionals from the mortgage banking industry and related fields as well. Members are mortgage bankers, mortgage brokers, title companies, attorneys, appraisers, credit reporting agencies, realty professionals, and insurance companies. News and AnnouncementsFederal mortgage fraud task force subpoenas 11 banks
Jon Prior, HousingWire, Jan 27, 2012
The new federal task force led by New York Attorney General Eric Schneiderman sent subpoenas to the 11 largest financial institutions in the past few days as part of its investigation into possible residential mortgage-backed securities fraud. President Obama formed the task group and announced it during his State of the Union address Tuesday. Federal officials did not disclose which 11 banks have come under investigation. Schneiderman said in a press conference Friday that he will be joined by Delaware AG Beau Biden, Massachusetts AG Martha Coakley, Nevada AG Catherine Cortez Masto, California AG Kamala Harris and Illinois AG Lisa Madigan. U.S. Attorney General Eric Holder said 15 lawyers and investigators are working with the group. The FBI will add 10 agents, and another 30 lawyers and staff will join the group. The Securities and Exchange Commission will also participate. SEC Director of Enforcement Robert Khuzami said there "would be no stone unturned, no dark corner unexposed to the light." "We have jurisdiction to go after every aspect of the mortgage bubble and the crash of the financial market," Schneiderman said. "We have jurisdiction over every MBS issued over the last decade with Delaware and New York joining the group." Holder said if there is evidence of it, civil and criminal charges will be brought. Department of Housing and Urban Development Secretary Shaun Donovan guaranteed any crackdown from the group's investigation would include compensation to the homeowners affected by the financial crisis as well as investors. "It became clear very quickly that Eric and I shared a vision that it would be a grave injustice to hold these institutions accountable and potentially have hundreds of billions be paid to private investors and pension funds but not make sure homeowners who hold those loans who depend on being able to get those loans fixed to be able stay in those homes," Donovan said. He also made clear the investigation and ongoing settlement negotiation between other state AGs and mortgage servicers over foreclosure problems would be separate and any charges would not release the banks from liability in the robo-signing scandal. Iowa AG Tom Miller, heading up the mortgage servicer investigation, has said the resulting settlement would not release the banks from securitization or lending liabilities. Schneiderman said there are some limitations to what documents the different participants could share. He clarified that the different charges brought against the banks may not have all of the AGs or DOJ listed as a prosecuting party but could be brought separately. "I am confident you will see action in the weeks and days ahead that show this will be a very aggressive action," Schneiderman said. [show less]
Legislative Conference Day on the Hill
TNMBA, Jan 10, 2012
TnMBA has announced February 28-29, 2012, as the date for the 8th Annual Tennessee Legislative Conference Day on the Hill. For more information about this event in Nashville, Tennessee, or to express interest in participating, contact TnMBA at info@tnmba.org. [show less]
GSE Guarantee Fee Hike Coming April 1
NMBA, Dec 30, 2011
"The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to implement a congressionally mandated increase in their loan guarantee fees on April 1." According to one local area industry member, "This is why everyone in the mortgage industry should join MAA and be an active participant." Click here to read the original story Senator Corker originally voted against, but the measure eventually passed in the Senate with unanimous consent.
In the House, Representatives Cooper and Cohen were the only Tennessee representatives to vote against. [show less]
NMBA Selected for 2010-2011 Local Chapter Award
NMBA, May 04, 2011
The Nashville Mortgage Bankers Association was selected for the Tennessee Mortgage Bankers Association as the 2010-2011 TMBA Local Chapter of the Year Award
Click the small image to see the full size image.
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NMBA, the Nashville chapter of the Tennessee Mortgage Bankers Association, offers Nashville and Middle Tennessee mortgage professionals: