Compliance & Regulation

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.

The HUD inspector general wants the Federal Housing Administration to ban corporate officers from the FHA program if they have left a company that has not met its obligations to indemnify the government for delinquent loans.

Within weeks of issuing standards for repaying federal bailout funds, bank regulators relaxed those rules in late 2009 as Bank of America, Citigroup, and other large depositories hurriedly pushed to get out from under the government's thumb, according to a watchdog agency's new report.

As you know, FHA has provided a critically important source of mortgage credit during this economic recovery particularly for underserved communities—and I will build upon the strong foundation of reforms initiated by the administration and continue the three fundamental priorities we have focused on since President Obama took office.

Even though GSE and FHA loan limits will decline to $625,500 at midnight Friday, borrowers with high balance FHA-insured loans can still refinance these products as long as they don't engage in a cash-out refi.

The Consumer Financial Protection Bureau is applauding the Treasury Department for guidance it issued Thursday that would help members of the military avoid foreclosure.

With official Washington bogged down in politics, the outgoing chairman of the Mortgage Bankers Association holds out little hope that the all-important high-end loan limits will be extended beyond Sept. 30 and he is concerned that, with a fragile economy, lowering limits may not be the best move.