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2022-10-20
article
Treble Damages for Failure To Engage in Loss Mitigation; Advance Notice of Proposed Rulemaking
Part VI
Proposed Rules
D09002ee1bdf9c0cc
D09002ee1bdf9c5ca
United States
Department of Housing and Urban Development
originator
org
United States Government Agency or Subagency
This notice announces HUD's intention to issue a proposed rule to amend HUD's Civil Money Penalty regulations to provide for damages of three times the amount of any mortgage insurance benefit claimed by the mortgagee for any mortgage as to which the mortgagee failed to engage in loss mitigation actions. Current regulations provide that HUD may initiate a civil money penalty action against mortgagees and lenders for certain prohibited conduct, including failure to service FHA insured mortgages in accordance with FHA regulations. However, in 1998, Congress amended the National Housing Act, as more particularly described below, to add a triple penalty to the existing civil money penalty system for a mortgagee's failure to engage in loss mitigation. Specifically, HUD seeks comments regarding the best regulatory procedures and structures for implementing this Congressional mandate. This notice therefore solicits public comment on the subject prior to publication of a proposed rule.
65 FR 76520
https://www.govinfo.gov/app/details/FR-2000-12-06/00-30989
00-30989
fr06de00-35
RIN 2501-AC66
4210-27-P
Docket No. FR 4553-A-01
https://www.govinfo.gov/app/details/FR-2000-12-06/00-30989
https://www.govinfo.gov/content/pkg/FR-2000-12-06/html/00-30989.htm
https://www.govinfo.gov/content/pkg/FR-2000-12-06/pdf/00-30989.pdf
2 p.
76520
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65 FR 76520
Code of Federal Regulations
Title 24 Part 30
24 CFR Part 30
Regulation Identification Number 2501-AC66
RIN 2501-AC66
Treble Damages for Failure To Engage in Loss Mitigation; Advance Notice of Proposed Rulemaking; Federal Register Vol. 65, Issue
PRORULE
00-30989
VI
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
2001-02-05
Docket No. FR 4553-A-01
4210-27-P
00-30989
Advance notice of proposed rulemaking.
This notice announces HUD's intention to issue a proposed rule to amend HUD's Civil Money Penalty regulations to provide for damages of three times the amount of any mortgage insurance benefit claimed by the mortgagee for any mortgage as to which the mortgagee failed to engage in loss mitigation actions. Current regulations provide that HUD may initiate a civil money penalty action against mortgagees and lenders for certain prohibited conduct, including failure to service FHA insured mortgages in accordance with FHA regulations. However, in 1998, Congress amended the National Housing Act, as more particularly described below, to add a triple penalty to the existing civil money penalty system for a mortgagee's failure to engage in loss mitigation. Specifically, HUD seeks comments regarding the best regulatory procedures and structures for implementing this Congressional mandate. This notice therefore solicits public comment on the subject prior to publication of a proposed rule.
Comment Due Date: February 5, 2001.
Jack Tautges, Office of The Deputy Assistant Secretary for Single Family Housing, Room 9184, Department of Housing and Urban Development, 451 Seventh Street SW., Washington, D.C., 20410, telephone (202) 708-1672 (this is not a toll-free number). Hearing or speech-impaired individuals may access these numbers via TTY by calling the Federal Information Relay Service at 1-800-877-8339 (this is a toll-free number).
Civil money penalties; certain prohibited conduct:
Triple damage for failure to engage in loss mitigation,
Federal Register
Vol. 65, no. 235
Office of the Federal Register, National Archives and Records Administration
2000-12-06
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https://www.govinfo.gov/app/details/FR-2000-12-06
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https://www.govinfo.gov/app/details/FR-2000-12-06
https://www.govinfo.gov/content/pkg/FR-2000-12-06/pdf/FR-2000-12-06.pdf
https://www.govinfo.gov/content/pkg/FR-2000-12-06/xml/FR-2000-12-06.xml
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2022-10-20
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