Compliance & Regulation

WASHINGTON—The Government National Mortgage Association expects the increase in its minimum net-worth requirement to $2.5 million will have a limited impact on its active MBS issuers.

Rep. Ed Royce's underdog campaign to chair the House Financial Services Committee rests on two primary points: that he has been consistently right on a myriad of financial services issues, and that he could more effectively go toe to toe with Rep. Barney Frank and other Democrats.

The Federal Housing Administration's Mutual Mortgage Insurance Fund ended fiscal year 2010 in better financial shape than its auditors expected with the agency projecting foreclosure claims peaking in the summer of 2011.

The federal government may need to spend upwards of $700 billion to resolve Fannie Mae and Freddie Mac and then create a new government "entity" to replace them, according to a report from Standard & Poor's.

In conjunction with efforts under the Making Home Affordable Program, a new initiative called Home Affordable Foreclosure Alternatives has been employed to help eligible borrowers who were not able to complete a permanent modification under HAMP or other alternative home retention options.

WASHINGTON — With the GOP's sweeping victory in the mid-term elections, observers were already questioning the fate of Treasury Secretary Tim Geithner in the new Congress.

Ally Financial Inc.'s chief executive said the company "screwed up on robo-signing affidavits," but has changed its foreclosure processes and will complete a review of about 25,000 affidavits by yearend.

The Comptroller of the Currency late Wednesday appointed Timothy Ward to be its first deputy comptroller for thrift supervision.

Tuesday's elections handed the Republicans control of the House of Representatives — and therefore the Financial Services Committee — which means GSE reform moves to the top of their agenda.

Former directors of WesCorp Federal Credit Union on Tuesday urged a federal court to dismiss a civil suit brought against them by NCUA, saying federal regulators were well aware of what the $34 billion-asset corporate CU was up to with its MBS purchases.