Regulatory News for Financial Institutions in the Seventh Federal Reserve District

March 10, 2008

2008-2
Statement to Financial Institutions Servicing Residential Mortgages on Reporting Loss Mitigation of Subprime Mortgages
On March 3, the Federal Reserve issued SR 08-2 / CA 08-2, which encourages institutions to report on their loan modification efforts in a consistent way and to consider using the HOPE NOW alliance's loan modification reporting standards for their serviced loans. Consistent loan modification reporting will foster transparency in the securitization market and provide standardized data across the mortgage industry.