Compliance & Regulation

U.S. senior fixed-income investors are taking a more conservative view of cross asset credit conditions on the back of recent macroeconomic concerns, according to a Fitch Ratings fixed-income forum survey of fixed income professionals, conducted in June.

In a major defeat for the National Credit Union Administration, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate credit union, all of them prominent figures in the credit union movement.

Texas Tech Federal Credit Union in Lubbock has chosen MRG's Miracle Online platform for its mortgage document preparation needs.

State regulators fined Mortgage Access Corp., an affiliate of realty giant Weichert, $3 million for using unlicensed mortgage originators. The settlement covers 10 states.

The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

We must accelerate deleveraging of the U.S. consumer in order to improve not only the U.S. mortgage and housing markets, but also to aid the broader U.S. and global economies. Deleveraging will increase consumer confidence, net worth, job mobility and bank capital levels. But policymakers and economists are fairly ignorant of the mortgage market, which comprises by far the largest part of household credit.

The policy that prevents mortgage servicers from initiating foreclosures in the name of Mortgage Electronic Registration Systems Inc. became permanent this week after parent company Merscorp Inc. finalized changes to its procedures and quality assurance manuals.

The recent uproar over regulators' "qualified residential mortgage" proposal has obscured the importance of another underwriting standard in the Dodd-Frank Act, the similarly titled "qualified mortgage."

The Senate Banking Committee will hold a hearing next Thursday on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.

The Federal Housing Finance Agency on Wednesday filed suit against UBS Americas for misrepresenting the quality of private label, non prime MBS it sold to Fannie Mae and Freddie Mac during the housing and mortgage boom.