Compliance & Regulation

Like many other small business owners who survived the fiscal cliff fiasco, many small shops in the mortgage market are bracing for yet another government-induced crisis as early as mid-February when our national debt hits its ceiling.

The Congress that just packed up and left after chaotic fiscal cliff maneuverings was a truly Do-Nothing Congress.

Federal Reserve Bank of Philadelphia president Charles Plosser said the central bank’s record stimulus risks a surge in inflation and may impair efforts by households to repair their finances.

New Canadian covered bond rules include a requirement that Fitch finds effectively protects bondholders from home price depreciation.

Some attorneys who prey on vulnerable homeowners in need of a modification are in for a surprise from outraged peers who are trying to make these alleged fraudsters pay back for being a disgrace to their profession.

State Sen. Ron Calderon (D-Montebello) introduced a bill to protect hundreds of thousands of distressed Californians who are underwater on their mortgages from an unjust state tax.

Chang Park cooperated with FBI investigators as part of a deal with the U.S. attorney's office.

Industry groups may be disappointed with certain provisions in the final qualified mortgage rule but they are willing to work with the Consumer Financial Protection Bureau to make improvements.

The Consumer Financial Protection Bureau has carved out a special exemption in the final qualified mortgage rule so that community banks and credit unions can continue to make balloon-payment loans in rural and underserved areas.

The National Credit Union Administration board has approved a new definition of “small credit union” that exempts another 2,400 CUs from risk-based capital and interest-rate risk rules.