Compliance & Regulation

Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

But derivatives that magnified their performance woes were the bigger culprit, according to a new book by investor Howard Hill, who created models for collateralized mortgage obligations before the meltdown.

Lloyd's of London and Bankers Insurance Service will now offer errors and omissions insurance for Litigation Guard, an online system which performs compliance checks for non-QM loans.

Nomura Holdings Inc. and Royal Bank of Scotland Group helped fuel a bubble that led to the collapse of the U.S. housing market, an attorney for the Federal Housing Finance Agency said at the opening of a trial over defective mortgage-backed securities.

A recent Supreme Court decision means that one exemption to the Fair Labor Standards Act does not apply to mortgage salespeople, but their employers might still be able to take advantage of other exemptions.

An expected rush of refinancings of Federal Housing Administration loans could force some mortgage servicers to take writedowns in the first and second quarters, but they have more incentive than ever to keep borrowers in the FHA program instead of letting rivals lure away their customers.

Bipartisan legislation introduced in the Senate this week would make it easier for consumers to secure financing to purchase manufactured housing.

Ed DeMarco, the former chief regulator of Fannie Mae and Freddie Mac, warned that efforts under the Obama Administration to expand access to credit could risk repeating mistakes that led up to the crisis.

The Federal Home Loan Bank of Indianapolis is again admitting mortgage-investment firms as members, even as the overseer of the government-chartered system of 12 regional lenders considers barring such companies.

Nomura Holdings Inc. will defend claims by a U.S. regulator that it sold defective mortgage-backed securities to Fannie Mae and Freddie Mac before the 2008 financial crisis, becoming the first bank to take such a case to trial.