Compliance & Regulation

The Neighborhood Assistance Corp. of America has filed a lawsuit against the Department of Housing and Urban Development, accusing the agency of "trying to silence and undermine" the homeowner assistance group.

The California Association of Realtors declared victory in getting a bill signed into law that prohibits junior lien holders from pursuing a deficiency judgment on short sales.

The Obama administration late Wednesday said it would veto House legislation aimed at restructuring the brand new Consumer Financial Protection Bureau.

Loan brokers and correspondents that live in fear of mortgage buy back requests from secondary market investors may have a new nemesis to worry about: the Federal Deposit Insurance Corp.

WASHINGTON — Wells Fargo & Co. will have to pay an $85 million civil penalty for misleading borrowers into costly subprime loans, the Federal Reserve Board said Wednesday.

The Office of the Comptroller of the Currency has issued a final rule that amends its preemption rules and places federally chartered thrifts under the same preemption rules as national banks.

The Federal Trade Commission is mailing over 450,000 checks to former customers of Countrywide Home Loans as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

When the Consumer Financial Protection Bureau officially opens its doors Thursday, the new agency will be ready to field complaints about credit cards – but not mortgages or servicing performance.

After targeting two branch offices of Prospect Mortgage for an audit, the HUD Office of Inspector General is urging the Federal Housing Administration to conduct full underwriting reviews to protect the agency from paying potential claims on 166 delinquent FHA-insured loans.