Compliance & Regulation

A Northern District of California federal jury convicted Doris Anyanwu and Hyacinth Udeh of conspiracy to commit wire fraud and using false claims of U.S. citizenship.

On March 9, 2011 a 14-count mortgage fraud indictment was unsealed accusing JOAN C. TEETERS AND JONATHAN MARC NATTIER, RESIDENTS OF FOLEY, ALA., with conspiracy to commit wire fraud, mail fraud and bank fraud, and they both face a maximum sentence of 20 years as to that count. Teeters was charged in all 14 counts of the indictment.

JPMorgan Chase chairman Jamie Dimon recently sat down with analysts at Citigroup Global Markets and told them what many smaller players in the mortgage business have believed all along: that a 20% downpayment definition on the 'qualified residential mortgage' test will benefit the nation's megabanks.

A mortgage industry proposal to create "point banks" that loan officers can tap to grant price concessions to borrowers has been shot down by Federal Reserve Board staff.

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.