Statement to Financial Institutions Servicing Residential Mortgages on Reporting Loss Mitigation of Subprime Mortgages - Circulars

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Circular

Statement to Financial Institutions Servicing Residential Mortgages on Reporting Loss Mitigation of Subprime Mortgages

March 3, 2008

Circular No. 11938

The Federal Reserve Board has encouraged the institutions it supervises 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, the Board said in a letter to the institutions it supervises.

The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration are sending similar letters to the institutions they supervise.

See the press release for full details.

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