Compliance & Regulation

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.

The Dodd-Frank Reform Act is an enormous piece of business. It may require over 300 separate rules to be promulgated—and then lenders are going to have to comply with all of them!

The Government National Mortgage Association later this month will start providing MBS investors with new information about the percentage of modified single-family mortgages in its MBS pools.

WASHINGTON — The great stumbling block to getting a mortgage-related covered bond market off the ground in the U.S. continues to be the Federal Deposit Insurance Corp.

First Horizon National Corp. of Memphis late Monday disclosed that it has been subpoenaed by the Federal Housing Finance Agency because of six securitizations involving Fannie Mae and Freddie Mac.

State-licensed loan officers and mortgage brokers know they must pass criminal background checks, but beginning Monday, Nov. 1 they began facing yet another test: a state authorized check on their credit.

The U.S. Department of Housing and Urban Development proposed new regulations to force certain lenders to indemnify or reimburse the Federal Housing Administration for insurance claims paid on mortgages that are found not to meet the agency's guidelines. In addition, HUD's proposed rule would require all new and existing lenders with the ability to insure mortgages on HUD's behalf to meet stricter performance standards to gain and maintain their approval status.