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Un-S.A.F.E. States

Panel at MBA secondary conference

April 22, 2009

By JERRY DeMUTH


CHICAGO -- Three states that are likely to see more defaults than any others are also the only three states not yet slated to join a national license registry, according to a HUD official.

Investors are beginning to look to the Secure and Fair Enforcement for Mortgage Licensing Act, or the S.A.F.E. Act, for more information on the loans behind the securities under consideration, Thomas Deutsch said at the Mortgage Bankers Association's National Secondary Market Conference & Expo conference in Chicago. The conference began Sunday and finishes today.

The provisions of the S.A.F.E. Act that required the collection of data on loan originators will help get information to investors on more risky loans so that they are "better able to distinguish good and bad loans," according to Deutsch, who is the deputy executive director at the American Securitization Forum.

This will help investors get back into the market.

Meanwhile, he said, "You're seeing a lot more litigation and threat of litigation on new purchases."

The national registry of individual originators and their companies, which has been incorporated into the S.A.F.E. Act, now includes in its system 24 states plus Puerto Rico, with another 10 to be added by the end of this year, said Bill Matthews, president and chief executive officer of the State Regulatory Registry.

Thirteen more states are expected to be added in 2010, leaving only Minnesota, Nevada and Ohio as non-members.

William Matchneer, associate deputy assistant secretary at the U.S. Department of Housing and Urban Development's Office of Regulatory Affairs, referred to those three states as "the most likely customers for defaults."

One of the most important provisions of the S.A.F.E. Act, concluded moderator Joseph A. Smith Jr., North Carolina's commissioner of banks, is that "we can now follow brokers as they move to banks. It was difficult to get this done."


Jerry DeMuth is an award winning journalist who has been reporting for four decades.

e-mail Jerry at [email protected]
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