Compliance & Regulation

The White House is considering appointing Elizabeth Warren as interim head of the Consumer Financial Protection Bureau, bypassing a likely Senate confirmation battle, according to sources.

FACTS On August 30, 2010 JOSEPH ANTHONY VELTRE, 68, of Orange, Calif., was sentenced to 18 years in prison after pleading guilty to stealing more than $2.6 million from investors in a Ponzi and real estate fraud scheme. He preyed on mostly elderly investors, soliciting their money for borrowers seeking funds from non-bank lenders.

Grapevine users discuss the repercussions of the Home Valuation Code of Conduct rules. One reader is encouraging others to sign a petition to reverse HVCC because, he says, "it is bad for the market."

Michael Barr, assistant Treasury secretary for financial institutions, and Edward DeMarco, acting director of the Federal Housing Finance Agency, will testify before the House Financial Services Subcommittee Wednesday regarding the future of Fannie Mae and Freddie Mac.

Giuseppe Cracchiolo, 60 of Romeo, Mich., pleaded guilty before U.S. District Judge Paul D. Borman to “a federal information” that charges him with conspiracy to commit wire fraud.

Kenneth M. Donohue, Inspector General for the Department of Housing and Urban Development, is leaving the agency in October after more than eight years of service.

A 10-count federal indictment unsealed in Salt Lake City charges Christopher D. Hales, 29, of Midvale, with mail, wire and bank fraud and with money laundering in connection with an alleged mortgage fraud scheme.

Though much of the attention to the recently enacted regulatory reform law has focused on its creation of a consumer protection bureau, the Dodd-Frank Act also created an Office of Financial Research with an ambitious mandate — one many doubt it can accomplish.

WASHINGTON—Mortgage bankers are bracing for sweeping changes that are coming to the FHA's reverse mortgage program, which could lead to reduced loan volumes, but also a safer product.

President Obama said on Friday that an announcement of a nominee to head the Consumer Financial Protection Bureau is coming "soon."