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SEC Gives Green Light for Loan Mods.
WASHINGTON -- The Securities and Exchange Commission has given servicers of mortgage-backed securities the green light to restructure or modify subprime loans that are headed for default.
The SEC opinion addresses an accounting issue that might have prevented servicers from being proactive in contacting subprime borrowers who are facing resets on their adjustable rate mortgages.
"This is good news," said Alison Utermohlen of the Mortgage Bankers Association, because servicers won't have to worry about any "adverse accounting consequences."
With rising subprime defaults and foreclosure, many lenders and servicers want to reach out to borrowers before they get behind on their payments
But industry groups, along with the federal banking regulators and accounting firms, were concerned such actions might trigger a Financial Accounting Standard 140 requirement and force the lender to repurchase the loan from the securitized pool.
The major stakeholders, including SEC, met June 22 with the Financial Accounting Standard Board to discuss these issues in a closed-door meeting. Separately, House Finance ...
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Source: HighBeam Research, SEC Gives Green Light for Loan Mods.