Compliance & Regulation

The Federal Reserve Board is coupling examinations of bank mortgage portfolios with offsite analysis of housing and mortgage trends under various economic and financial scenarios.

Fannie Mae and Freddie Mac are urging their servicers to review foreclosure processing procedures to ensure they are in compliance with applicable state laws and regulations.

The Dodd-Frank financial reform bill is a beast. At more than 2,000 pages in length, it is an omnibus bill. And much of it was written with the mortgage business in mind.

The Federal Reserve Board is disbanding its Thrift Institution Advisory Council, replacing it with a broader board that includes banks, thrifts and credit unions.

Rep. Maxine Waters, D-Calif., has introduced legislation that prohibits covenants on residential mortgages entitling investors to receive transfer fees every time a certain property is sold.

As I stated in my testimony in May before this subcommittee, the main purpose in addressing housing finance reform should be to promote the efficient provision of credit to finance mortgages for single-family and multifamily housing. Legislation is needed to restructure and strengthen our nation’s housing finance system and to resolve the enterprise conservatorships.

The Office of the Comptroller of the Currency has ordered seven of the nation's largest residential bank servicers to review their foreclosure processes in the wake of revelations by Ally Financial that it had cut corners when taking title to homes backed by delinquent mortgages.

President Obama is still reviewing director candidates for the new Consumer Financial Protection Bureau, according to a Treasury Department official.

The Senate late Wednesday confirmed Janet Yellen and Sarah Bloom Raskin as members of the Federal Reserve Board, leaving only one vacancy on the seven-member panel.

Elizabeth Warren, the top Obama administration official in charge of setting up the Consumer Financial Protection Bureau, made it clear late Wednesday that she intends to target financial disclosures as one of her top priorities.