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Compliance

"The IG thinks that we're not following GAAP. We were taking the more conservative approach in our belief," said John Getchis, Ginnie Mae's senior vice president of capital markets.
An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.
Amid a growing investor appetite for risk, efforts to standardize private-label securities are key to helping ensure the market's healthy return.

The expiration of the federal Protecting Tenants at Foreclosure Act leaves servicers dealing with a patchwork of state laws and investor rules, while renters living in REO properties are at a greater risk of eviction.

"Consumer complaints tell us that the complex terms of reverse mortgages continue to be misunderstood," said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau is raising concerns about the transparency and clarity of reverse mortgages based on more than a thousand complaints it received about the product.

The CFPB is watching for “fees” that have not been accurately described or that are excessive.
When charging fees to borrowers with weaker credit histories, lenders should take great care to describe everything correctly and ensure such fees are not excessive.

PART OF THE PROCESS: Complaints by community activists were “not unexpected,” in deal, said John Thain, CEO of CIT Group. Still, the banks sought to avoid a public hearing.
Protests by community groups and now a public hearing threaten to delay the completion of CIT's acquisition of OneWest Bank. The deal will probably get approved, and it might not get delayed too long, but all those "probablys" and "mights" are what make the proponents of more big M&A queasy.
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