Compliance & Regulation

On June 20, Brett Matheson pleaded guilty in federal court to conspiracy to commit wire fraud in a $50 million mortgage fraud scheme based in Phoenix. Two others have also entered guilty pleas and are awaiting sentencing.

Taylor, Bean & Whitaker's former chairman, Lee Farkas, was sentenced last week to 30 years in prison for leading a $2.9 billion fraud scheme that brought down the top-ranked nonbank lender, and its chief warehouse backer, Colonial Bank.

ID Analytics, a consumer risk management firm, found that 16% of the nation is engaging in improper identity.

A year after "Operation Stolen Dreams" concluded tracking mortgage fraud nationwide, more than $3 billion in estimated losses resulted from this search, according to the Federal Bureau of Investigation.

The chief author of legislation to roll back the Comptroller of the Currency’s powers to preempt state consumer protection laws says he doesn’t want a bureaucrat “acting” as the comptroller to approve new rules governing the preemption provisions of the Dodd-Frank Act.

A group of mortgage originators, issuers and investors is close to a consensus on a new process for enforcing representations and warranties on private-label securities.

Less than one year ago I came before this committee and testified in support of modernizing and reauthorizing the National Flood Insurance Program. Last year, NFIP lapsed three times before the Senate authorized a one-year extension. As you know, that extension expires this September.

The precedent set by the recent Bank of America MBS settlement raises concerns for smaller banks that might not be able to absorb large settlements as well.

Taylor, Bean & Whitaker's former chairman and CEO, Lee Farkas, was sentenced today to 30 years in prison for leading a $2.9 billion fraud scheme that brought down the top ranked nonbank lender, and its chief warehouse backer, Colonial Bank.

Servicers for Fannie Mae and Freddie Mac will redo the foreclosure process on 1,250 real estate owned properties in Michigan, the result of an appeals court ruling in April that deemed Mortgage Electronic Registration Systems Inc. ineligible to use the state’s nonjudicial foreclosure process.