Compliance & Regulation

The National Credit Union Administration late Monday filed its third lawsuit alleging violations of federal and state laws related to misrepresentations in the sale of MBS to now defunct corporate credit unions.

By waiting so long to nominate Richard Cordray to be the first director of the Consumer Financial Protection Bureau, President Obama has boxed himself in and Cordray will have to be confirmed by the Senate for the new bureau to exercise its full powers.

California Governor Jerry Brown has signed SB 458 into law, preventing holders of second mortgages from pursuing a deficiency judgment on a borrower for unpaid debt after a short sale.

The law firm Hagens Berman is conducting an investigation whether several real estate investment trusts made false and misleading statements to investors.

A Washington state man has been sentenced to 25 months in prison for orchestrating a foreclosure rescue scheme that defrauded distressed homeowners more than $55 million.

For purposes of this rule, payments made by creditors to loan originators are not payments made directly by the consumer, regardless of how they might be disclosed under HUD's Regulation X, which implements the Real Estate Settlement Procedures Act.

WASHINGTON — Richard Cordray, the enforcement chief at the Consumer Financial Protection Bureau, will be named to lead the new regulator, the Obama administration said Sunday.

The Consumer Financial Protection Bureau said it is teaming up with military lawyers to track consumer financial complaints from military families.

Two congressmen from high cost housing states have introduced legislation to extend the maximum $729,750 loan limit on government-backed loans for another two years.

Mortgage brokers are complaining to Congress that the Federal Reserve’s loan officer compensation rule is tying their hands, hurting their ability to compete with banks.