Compliance & Regulation

The Federal Deposit Insurance Corp. is preparing $2 billion worth of structured asset sales that will hit the market shortly, a top agency official said Thursday.

Federal regulators may have to take a different approach in drafting a securitization rule after stumbling badly in their first effort to define which mortgages are safe enough to exempt from risk retention.

Technology vendors are responding to the new single point of contact requirement for residential servicers with Web-based portals that give borrowers insight into the loss mitigation process.

The American Bankers Association this week sent a letter to leaders in the Senate asking them to block an amendment drafted by Sen. Jeff Merkley, D., Ore., that among other things would require an independent third-party review of a troubled loan before a foreclosure could be finalized.

Bank of America said late Wednesday that it mistakenly mailed almost 5,000 Oregonians letters claiming they owe property taxes and might be risking foreclosure when they, in fact, don't.

House Republicans released an appropriations bill Wednesday that would slash funding for financial services agencies by 9% in 2012.

A New York state appeals court overturned a ruling in favor of the Mortgage Electronic Registration Systems, finding Bank of New York did not have standing to initiate a foreclosure.

In a new letter, ten Senate Democrats have asked the Comptroller of the Currency to “consider” servicing standards favored by the state attorneys general as a way to ease foreclosure conditions for struggling mortgagors.

The man considered by many to be President Obama's eventual choice to run the new Consumer Financial Protection Bureau promised that the agency will be "thoughtful" when it officially opens for business on July 21.

The Georgia Department of Banking and Finance this week filed a cease and desist order against DBD Results LLC, Scottsdale Ariz., prohibiting the firm from conducting business within the state.