Compliance & Regulation

A new estimate by the Treasury Department shows the bailout of Fannie Mae and Freddie Mac will cost taxpayers an additional $73 billion through 2021.

A county court in New York ruled in favor of the Bank of New York Mellon's right to foreclose after a delinquent borrower brought a legal challenge to the role of the MERSCorp Inc. in the foreclosure process.

Four major industry trade groups are urging Senate Judiciary Committee members to vote against a bill that allows U.S. bankruptcy courts to set up loss mitigation programs where homeowners and servicers can negotiate a loan modification.

The online hacker group Anonymous has released internal emails from a former employee of a former Bank of America Corp. unit, allegedly showing how the unit tried to hide residential foreclosure information.

Senators Jon Tester, D-Mont., and David Vitter, R-La., are urging the Federal Reserve Board to indefinitely delay implementation of its loan officer compensation rule which goes into effect April 1.

In a Federal Deposit Insurance Corp. statement released today on the legislative proposals to create a U.S. covered bond market, the agency said that it has "significant concerns" regarding the United States Covered Bond Act of 2011 (H.R. 290).

Far more than any trader's profane e-mails, due diligence reports from the securitization boom could worsen the financial industry's litigation headaches — and conceivably expose some firms and individuals to criminal charges.

Many believe the government went overboard by setting unrealistic goals, a move that could backfire and give banks more leverage to fight some of the most onerous requirements.

Former Fannie Mae CEO Daniel Mudd, who oversaw the GSE's huge expansion into nonprime investing and securitization, late last week received a "Wells Notice" from the Securities and Exchange Commission, indicating that he may face civil charges for allegedly misleading investors about the company's financial condition.

As part of national consumer protection week, the Lawyers’ Committee for Civil Rights Under Law and pro-bono counsel Davis Polk & Wardwell LLP filed a lawsuit on March 9 against for-profit loan modification companies who targeted vulnerable New York State homeowners.