Compliance & Regulation

One of the lessons learned from previous government efforts to solve complex problems is known as the "law of unintended consequences." According to this concept, whenever the government devises some master program, tax, or regulatory scheme as part of an effort to achieve some purpose, it invariably creates other unpredictable outcomes—the unintended consequences.

Bank examiners are exploring whether the nation's depositories have accurately valued $845 billion of home equity and second liens, according to seven people with direct knowledge of the matter, according to a report by Bloomberg.

It's not looking good for fans of keeping the higher GSE loan limits, but that hasn't stopped housing, realty and mortgage trade groups from promoting the issue through their elected officials.

The Federal Housing Administration is selling 11,000 to 13,000 foreclosed homes a month after re-engineering the way it manages and markets REO.

In his first speech since taking over for Elizabeth Warren as the public face of the Consumer Financial Protection Bureau, Raj Date warned that the agency will take a firm stance when it identifies practices that are harmful for consumers.

House appropriators this week introduced a temporary measure that will continue to fund government operations, including the flood insurance program, through Nov. 18.

The Department of Housing and Urban Development wants All American Home Mortgage Corp. to indemnify the FHA against future losses on five loans that violated agency guidelines.

The Department of Labor Wednesday ordered Bank of America to rehire and pay $930,000 to a former mortgage employee improperly fired in a whistleblower case tied to Countrywide Financial Corp., the troubled lender bought by the bank in 2008.

The once red-hot mortgage REIT sector is in for a cold dose of reality — which could spill over to the already-cool housing market.

The Mortgage Bankers Association is urging the Federal Housing Administration to reopen its 203(k) program to local investors wanting to buy and renovate foreclosed properties.