Compliance & Regulation

The only thing (possibly) standing in the way of the continued decimation of independent loan brokers are two pending lawsuits against the Federal Reserve Board challenging the central bank’s loan officer compensation rule.

As state and federal officials struggle to reach a global settlement with the largest mortgage servicers over problems in the foreclosure process, regulators have grown frustrated with the lack of leadership on their side, saying no one is making an effort to corral the multitude of agencies involved.

A powerful Republican congressman late Thursday introduced a GSE reform bill that would push Fannie Mae and Freddie Mac out of conservatorship after two years and fully privatize them at the end of five.

The Federal Reserve Board has decided to make it easier for title companies and other affiliates of mortgage firms to operate under the agency's loan officer compensation rule which goes into effect April 1.

There is little dispute that the financial crisis was partly the result of fundamental flaws in the housing finance market. The consequences of those flaws, and the losses Fannie Mae and Freddie Mac have inflicted on taxpayers, make clear that we must build a healthier, more stable market that will work better for American families and our nation’s economy.

Federal Deposit Insurance Corp. Chairman Sheila Bair's last scheduled address to the American Bankers Association turned heated this week.

The chairman of the House Financial Services Committee and all of the Republicans on his panel are now demanding that the Federal Reserve Board withdraw its loan officer compensation rule which becomes effective in two weeks.

A Michigan jury this week ruled that Quicken Loans Inc., one of the nation's largest mortgage banking firms, does not have to pay nearly 350 plaintiffs over-time for extra hours they worked at the company.

The Securities and Exchange Commission late Wednesday filed civil charges against a former operations chief at the now defunct Colonial Bank, accusing her of playing a key role in $1.5 billion warehouse lending related scam.

Former Freddie Mac chairman and CEO Richard Syron recently received a 'Wells Notice' from the Securities and Exchange Commission, which means the agency is considering filing civil charges against him related to his management of company.