Compliance & Regulation

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.

Meredian Financial Corp., a Costa Mesa, Calif.-based mortgage lender and broker, is being sued by Minnesota attorney general Lori Swanson for charging state homeowners thousands of dollars to refinance their mortgages without actually providing consumers the promised services.

Objections raised by the Federal Deposit Insurance Corp. to a recently introduced covered bond bill can be resolved, according to Treasury secretary Timothy Geithner.

Two top Obama administration officials said Tuesday that the government-sponsored enterprises would not be exempted from a pending proposal to help standardize mortgages sold into the secondary market.

Economists at the Federal Reserve Bank of New York have been thinking about how to deal with the four largest mortgage lenders if Fannie Mae and Freddie Mac were converted into mortgage securitization cooperatives.

The Department of Housing and Urban Development is taking an enforcement action against what it calls a "large" lender that forced title agents to cover certain settlement costs that exceeded the amounts initially disclosed on the good faith estimate form.

If settlement talks between the states and residential servicers break down, the nation's megabanks will face the prospect of lawsuits from up to 30 state attorneys general, according to Sen. Jack Reed, D-R.I.