Compliance & Regulation

The Senate passed a bill directing the Government Accountability Office to conduct a comprehensive study of the National Credit Union Administration's handling of the corporate CU meltdown where many of these wholesale "banks" failed because of bad MBS investments.

The New York Supreme Court last week ruled that MBIA Insurance Corp. did not have any way to discover if GMAC Mortgage intentionally misrepresented the true nature of MBS that MBIA insured.

Two decades of government hand-holding on interest rate risk might be over for thrifts. With the Office of the Comptroller of the Currency slated to absorb the Office of Thrift Supervision next summer, the future of the personalized interest rate risk assessment that the OTS supplied quarterly to thrifts remains undetermined.

The chair of the Federal Deposit Insurance Corp. warned that if left unchecked, government debt could rise to 185% of the country’s gross domestic product by 2035.

Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America Friday morning, alleging that the nation's largest servicer of residential loans committed "widespread consumer fraud" in its handling of loan modifications.

Since publishing its loan officer compensation rule in September, the Federal Reserve Board has been wary of providing written guidance on compliance issues to the industry — but the Mortgage Bankers Association wants to change that.

Fannie Mae and Freddie Mac have again delayed implementation of new mortgage and appraisal delivery requirements in the 'Uniform Mortgage Data Program', according to lender updates released Thursday.

The slowdown in failures has led the Federal Deposit Insurance Corp. to pull back on its spending.

The Treasury Department will gather more detailed information from residential servicers on their proprietary loan modifications.

A new insurance product designed by Bakerjian Insurance Services aims “to protect lenders against potential damage” from repurchase demands from investors that may have originally been caused by fraudsters.The Novato, Calif.-based company said it created Lenders Misrepresentation Insurance to serve as a policy that protects lenders from buyback requests that are based on “material financial misrepresentation” in the borrower’s loan file.