House Panel Clears Safe-Harbor Bill

Posted by Orb Staff on February 05, 2009 No Comments
Categories : Mortgage Servicing

A package of legislation that includes a safe-harbor provision for servicers who modify loans gained support from a U.S. House of Representatives panel, Reuters reports.

The bill, which was introduced by Rep. Barney Frank, D-Mass., and is headed to the House floor for consideration, also seeks to make permanent the increase in deposit insurance to $250,000 per account. The increased deposit insurance amount was announced as a temporary initiative in October. The former amount was $100,000.

SOURCE: Reuters

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