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Servicers Could be Forced to Repurchase Loans.
WASHINGTON -- In providing relief for subprime borrowers, servicers and trustees of mortgage-backed securities also have to deal with accounting rules that govern permissible activities in managing mortgage trusts or "qualified special purpose entities," as defined by the Financial Accounting Standards Board.
Servicers can be forced to repurchase loans in a trust if they fail to comply with FASB rules governing QSPEs (FAS 140).
The American Securitization Forum in loan modification guidance released last week at its annual meeting in New York said it backs the Mortgage Bankers Association's stance in regard to a proposed resolution to this issue.
On May 25, the MBA sent a position paper to FASB that concludes restructurings and loan workouts are permissible in cases where a loan is in default or default is reasonably foreseeable.
"The MBA believes restructurings of certain securitized residential mortgage loans that are widely anticipated to go into default will not cause qualified special purpose entities holding restructured loans to be disqualifying, thereby forcing the transferors to ...
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Source: HighBeam Research, Servicers Could be Forced to Repurchase Loans.