Compliance & Regulation

Mary Lou Christy, who at one time led the mortgage-backed securities trading desk at Fannie Mae, has joined a number of former agency and government officials at The Collingwood Group, a Washington-based business advisory firm.

The Federal Housing Administration expects its new mortgage insurance premium structure that goes into effect Oct. 4 will increase revenues at the government insurer by $4.1 billion annually and put the fund on a stronger financial footing.

Herb Allison, the head of the government's $700 billion financial bailout program, said Wednesday morning that he is leaving the Treasury Department at month's end.

Democratic leaders on the House Financial Services Committee are assembling legislation to expand Community Reinvestment Act requirements beyond banks, targeting nondepository mortgage firms, investment bankers, and insurers.

The Treasury Department on Tuesday released a sample 4-page form that will replace mortgage disclosure requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act.

The Federal Reserve Board's loan officer compensation rule will "destroy" mortgage brokers and small businesses, declared Roy DeLoach, chief executive of the National Association of Mortgage Brokers.

The improvement of mortgage disclosures is a "top priority" of the new Consumer Financial Protection Bureau and was 'topic A' at a Treasury Department forum held Tuesday in Washington.

The Federal Housing Administration is bringing together lenders and investors at a Sept. 29 meeting to ensure that its new FHA short refinance program does not stumble like other attempts to address negative equity and strategic defaults.

GMAC Mortgage, the fifth largest residential servicer in the U.S., said it has suspended certain foreclosures in 23 states, due to procedural problems.

The Obama administration has designated July 21, 2011 as the date the Consumer Financial Protection Bureau will take over enforcement of RESPA, TILA and other federal consumer protection laws that directly impact mortgage bankers.