I received this in a newsletter the other day. Is everyone else aware of this?

When Purchasing a Residential Mortgage Loan, There’s One More Hurdle to Jump Over, And Foreclosing on Property with a Tenant has a Brand New Set of Challenges

The Helping Families Save Their Homes Act of 2009 contains a section amending Regulation Z requiring that a notice be sent to the homeowner/borrower by a new creditor who purchases a principal-residence secured consumer loan. The Act also contains another Act within it in the form of Title VII, which is the Protecting Tenants at Foreclosure Act of 2009.

Update from today's ABA Newsbyte:


HOUSING ISSUES
ABA, Trade Groups Ask Fed for TILA Interpretation Under New Law
ABA and representatives from five other trade groups met with Federal Reserve officials last Thursday afternoon to ask the agency to clarify ambiguous terminology in a provision of the recently enacted 2009 Helping Families Save Their Homes Act, and to specify how it applies under the Truth in Lending Act.

The meeting followed a letter the trade groups sent to the Fed asking for an interim interpretation of the new law’s Section 404, which is intended to provide consumers information on subsequent owners of their mortgages. Unless the provision is clarified, consumers will receive unnecessary, confusing and sometimes out-of-date disclosures, they said in the letter.

“Without the benefit of an interpretation that would provide a safe harbor under TILA Section 130(f), we are also concerned that the industry will face costly and unnecessary liability from TILA violations, in turn resulting in increased consumer costs,” the trade groups said. “We encourage you to act expeditiously, since the first notices must be provided after June 19 … .” Read the letter. For more information, contact ABA’s Rod Alba or Nessa Feddis.