Compliance & Regulation

With the likelihood of legislation to create a new housing finance system increasingly remote, the government should still take interim steps to transition away from a system built around Fannie Mae and Freddie Mac, industry representatives said Wednesday.

Community bankers are pressing for a carve-out as lawmakers weigh whether to create national mortgage servicing standards.

Atlanta real estate developer Shi Shailendra is facing several lawsuits in which he allegedly influenced five Georgia banks, four collapsed state banks, and 12 current and former senior banking executives to collude with him in a $100 million Ponzi scheme.

The Senate nomination hearing for Richard Cordray, who's tapped to become the first director of the Consumer Financial Protection Bureau, has been postponed until Sept. 6.

In one of the first actions of its kind, the National Credit Union Administration late last week filed a civil claim against a local real estate appraiser in Salt Lake City, saying he provided a faulty appraisal for a loan that caused roughly $400,000 in losses at the defunct Utah Central Credit Union.

Federal officials should go easy on overriding state sovereignty by changing foreclosure laws without a legislative mandate, former HUD general counsel Robert Couch told a Senate panel on Tuesday.

A recent federal appeals court decision is likely to cause the delay of dozens of pending Dodd-Frank Act regulations.

An aggressive push by the Justice Department to investigate fair lending claims is prompting a backlash from bankers who claim the government is abusing its authority and contradicting findings by other federal regulators.

The Mortgage Bankers Association fears that when the Federal Housing Finance Agency finally unveils its servicing fee structure proposal it will contain just one compensation model, and is appealing to the agency to include more.

Equifax announced its acquisition of back-office processing, closing and post-closing service and technology provider DataVision Resources Tuesday.