Compliance & Regulation

The House voted 352-66 Tuesday afternoon to pass a continuing resolution that will fund government operations, including the National Flood Insurance Program, through November 18.

The reduction in the Fannie Mae/Freddie Mac loan limit could trim home sales by up to 5%, further delaying a recovery in the housing market, according to industry officials speaking at a Progressive Policy Institute conference Tuesday.

The correspondent lending division of Wells Fargo is serving as the pilot user for new customized investor guideline functions in origination technology vendor Ellie Mae's Total Quality Loan service.

The Federal Housing Finance Agency knew as early as 2009 about potentially abusive foreclosure practices and yet failed to take action to curb them, according to a watchdog report released Tuesday.

Efforts to negotiate a settlement between state attorneys general and the top five mortgage servicers collapsed late last week after California pulled out of the negotiations.

The Federal Home Loan Bank of Chicago has received regulatory approval to finally convert to a capital structure that was mandated by the Gramm-Leach-Bliley Act back in 1999.

CoreLogic has launched a new credit report designed to provide consumer credit information that enhances existing credit bureau reports.

RBS Securities late last week asked a federal court in Los Angeles to dismiss securities claims against it by the National Credit Union Administration in the failure of WesCorp FCU, saying the now defunct wholesale institution was a sophisticated investor and knew the risks of investing in almost $1 billion of nonprime MBS.

The Senate Banking Committee this week is expected to vote on the nomination of Richard Corday to be the first director of the Consumer Financial Protection Bureau.

The American Bankers Association is questioning why HUD is opening the door for Farm Credit System lenders to originate FHA loans while it making it harder for rural community banks to remain in the same program.