Compliance & Regulation

WASHINGTON—The National Community Reinvestment Coalition alleges that lenders are blocking blue-collar workers and minorities from getting Federal Housing Administration loans by erecting high credit score thresholds. But the industry has a message for the nonprofit: “We’re just trying to protect ourselves.”

The Federal Reserve Board is publishing an interim rule amending Regulation Z, which implements the Truth in Lending Act. This interim rule revises further certain requirements of the Mortgage Disclosure Improvement Act of 2008.

Massachusetts' highest court on Friday voided foreclosures on two homes because the servicers that tried to take title to the properties failed to show they held the mortgages at the time of foreclosure.

The California Association of Realtors, whose members are frustrated by a dearth of short sales, has created a task force to examine the shortcomings of the government's Home Affordable Foreclosure Alternatives program.

I’m pleased to have the opportunity to join everyone to discuss the findings of the Conference of Mayors’ Hunger and Homelessness Survey. I want to thank each of the 27 cities for participating in this survey, as well as the Conference of Mayors. In doing this survey these last two decades, you have helped us understand what was happening around the nation and prodded us to action.

The Pennsylvania Department of Banking took 114 enforcement actions, mostly related to mortgage activity, during the fourth quarter of 2010.

Fannie Mae’s latest homeowner outreach program is a website with links to resources and information for borrowers who want to avoid foreclosure.

Consumer groups and top members of the Senate Banking Committee are pressing the Federal Reserve Board to withdraw a plan they claim would eliminate a critical tool for homeowners to get out of risky mortgages.

All Home Equity Conversion Mortgage applications which received case numbers after Dec. 1, 2010 must have contain the revised closing certification, which includes language that pertains to home sellers and purchasers involved in a HECM for Purchase transaction.

The Federal Housing Administration this week issued new guidance to servicers on working with seniors who are in danger of defaulting on their reverse mortgages because they have fallen behind on paying property taxes and homeowners insurance.