Compliance & Regulation

Alarmed by significant deficiencies uncovered as part of a regulatory review of residential servicing practices, federal banking agencies are preparing formal enforcement actions against the largest players in the receivables market that they hope will set de facto standards across the industry, according to sources familiar with the situation.

Elizabeth Warren, the Obama administration official in charge of setting up the Consumer Financial Protection Bureau, attacked Republican efforts to cut the agency's funding, while also previewing efforts to reform credit card disclosures.

The Federal Housing Administration is making it easier for existing FHA borrowers to qualify for a streamline refinancing while capping increases in the loan amount.

A pair of rulings from federal bankruptcy judges last week is adding a new wrinkle to the role of MERSCorp Inc. in state foreclosure proceedings.

The Federal Reserve Board late last week handed down a new interpretation that places tough compensation restrictions on transactions where the borrower agrees to pay the loan officer of a mortgage brokerage firm directly.

Now that the White House has decided to pull the plug on Fannie Mae and Freddie Mac, the next question becomes: How do you liquidate roughly $1.5 trillion of MBS and whole loans sitting on their books?

The Federal Deposit Insurance Corp. plans to close its West Coast temporary satellite office in Irvine, Calif., by the beginning of next year due to improving conditions in the banking industry.

In response to embarrassing recent revelations that JPMorgan Chase & Co. failed to enforce a law protecting military members from foreclosure and high-cost credit, the nation's third largest mortgage banker announced several significant changes to its practices.

TARP inspector general Neil Barofsky on Monday gave notice that he plans to leave the Treasury Department by the end of March.

Richard Northcutt, a California real estate executive, pleaded guilty in U.S. District Court in Sacramento, Calif., to a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County.