Compliance & Regulation

The Federal Deposit Insurance Corp. on Thursday won the right to pursue a lawsuit against several large financial institutions accused of selling tainted mortgage securities to a company that has since failed.

From the Common Security Platform and Freddie Mac loan sales to new accounting rules and what direction mortgage rates are headed, there was plenty to debate during this week's MBA Secondary Conference in New York.

The Justice Department filed suit Thursday against Guild Mortgage, arguing the firm violated the False Claims Act by improperly originating and underwriting Federal Housing Administration loans.

The experience of updating systems and overhauling workflows that mortgage lenders gleaned from implementing the TILA-RESPA integrated disclosures could prove useful to portfolio lenders as they implement a similarly complex accounting rule for reporting credit losses.

The Department of Housing and Urban Development issued a proposal Wednesday to codify recent changes to its reverse mortgage program and to provide additional protections for seniors, including a cap on annual interest rate increases.

The Indianapolis Federal Home Loan Bank rewarded 43 of its members with a $761,000 payout in May for the performance of their mortgages in an aggregated pool.

Russia's moving into mortgage bonds to try to cut housing costs, and it's taking a leaf out of America's book to do so.

Despite a weak first quarter for GDP growth, the Mortgage Bankers Association's Mike Fratantoni still predicts that the Fed will raise short-term interest rates this year. That won't necessarily increase mortgage rates, but other variables might.

New York's financial regulator has issued subpoenas to two companies with ties to Apollo Global Management as part of an inquiry into housing transactions for low-income buyers.

This summer, Freddie Mac will start rolling out a suite of tools that should speed sales of loans to the GSE. Relief from reps and warranties will take longer, however.