1. Maryland’s Office of the Commissioner of Financial Regulation: Info for HOPE Grantees Meredith Mishaga, Director of Foreclosure Outreach Meredith.Mishaga@maryland.gov October 9, 2014

2. About Office of Commissioner of Financial Regulation (“Fin Reg”) “The Office of Financial Regulation protects consumers by ensuring the soundness of financial institutions in the State, licensing financial industry professionals, and disciplining businesses and individuals engaged in fraudulent financial activities.” More info on website http://www.dllr.state.md.us/finance/index.shtml and Maryland Manual http://msa.maryland.gov/msa/mdmanual/20dllr/html/20agen.html#financialhttp://www.dllr.state.md.us/finance/index.shtmlhttp://msa.maryland.gov/msa/mdmanual/20dllr/html/20agen.html#financial

3. My Role at Fin Reg Data – NOI database and FPR oversight, analysis of consumer complaints Coordination – with nonprofit providers, industry advocates, other government entities Outreach – directly and indirectly to Maryland homeowners Inquiries – respond to consumers and/or their nonprofit or legal representatives (on foreclosure-related matters)

4. Relationship with Service Providers Feedback on regulations and policy Insight on trends and industry-wide concerns Tracking and resolving complaints Resources on our website for all to use (e.g. NOI reports, consumer advisories, industry advisories, enforcement actions, regulations, etc.) http://www.dllr.state.md.us/finance/frresources.shtml http://www.dllr.state.md.us/finance/frresources.shtml

5. Submitting Complaints to Fin Reg When is it appropriate? – Only have jurisdiction over our licensees – Egregious or repeat issues – Specific violations of state regulation Why is it important? – Resolution for homeowner – Trend recognition and analysis for making regs – More proactive “risk-based” examinations What is the process? – See handout with link and instructions – Still need to work with homeowner on loss mit (investigation won’t stop foreclosure process) – Goes to Consumer Services Unit – Scams/Fraud escalate to Enforcement Unit

6. Info on Citi Settlement 2014 settlement between Citigroup, U.S. Dept of Justice, several state AGs, and FDIC related to residential mortgage-backed securities (RMBS) No direct payments to borrowers who were foreclosed-upon Required to pay out $2.5 billion in consumer relief nationwide – crediting starts April 30, 2014 – “Soft relief”, i.e. incentives for modifications, forbearance, forgiveness – LMI lending in form of down payment/closing cost assistance – Community reinvestment and neighborhood stabilization (demolitions, REO donations, CDFI capitalization funding) – Donations to HUD-approved housing counseling agencies and legal assistance organizations (minimum donations are $10 million to counseling and $15 million to legal nationwide) – Affordable rental housing financing for developments equivalent to LIHTC requirements