Compliance & Regulation

Bank of America has paid more than $2.1 billion in consumer relief in the second quarter, making strides in paying the mortgage crisis-related penalties imposed by the Justice Department, an independent monitor announced Tuesday.

Freddie Mac Chief Executive Donald Layton insisted Tuesday that the government-sponsored enterprise showed "very strong fundamentals" in the third quarter, despite reporting a $501 million loss due to an accounting mismatch with its use of derivatives.

What's old is new again, but lenders should heed lessons from the past when re-entering the second-lien originations market.

Freddie Mac posted a third quarter loss of $501 million, its first quarterly loss in four years, but the government-sponsored enterprise will not request a draw from the U.S. Treasury.

Though the deadline for compliance is more than two years away, lenders are already warning that they do not have enough time to comply with a new rule that requires institutions to report additional data to regulators on home loans.

A New Jersey woman and her parents were found guilty of a sophisticated mortgage equity fraud scheme by a Pennsylvania federal jury.

The government-sponsored enterprise is working to rebuild partnerships with church organizations and housing financing agencies as part of a broader effort to make owning a home affordable for low- and moderate-income families.

Accurately capturing mortgage data to meet new federal regulators is a top challenge for banks and credit unions, according to Wolters Kluwer Financial Services.

A Georgia real estate investor pleaded guilty this week to property bid rigging and mail fraud, according to the Federal Bureau of Investigation's Atlanta division.

The report from independent auditors will likely show that FHA remains below its 2% statutory minimum capital ratio, but HUD officials and outside observers still expect it to show major improvement over last year.