Compliance & Regulation

If the amendment were to become law, it would impact the posture of the Justice Department in any future negotiations with smaller mortgage servicers that did not participate in the recent settlement with the five largest servicers.

James Delbert McConville, a Fremont man, was sentenced to nearly eight years in prison and must pay more than $7 million in restitution after being convicted of conspiring to commit mail and wire fraud, federal prosecutors said.

One of the nation’s largest nontraded real estate investment trusts, Inland American Real Estate Trust Inc., is under investigation by the Securities and Exchange Commission for potential violations of securities laws regarding its fees and administration.

Carrington Holding Co. hired Bill King as its chief investment officer and head of asset and risk management.

A state appeals court affirmed a lower court ruling allowing NCUA to foreclose on 17 homes funded by the failed Michigan credit union Huron River Area FCU in two South Florida developments financed through a get-rich-quick scheme known as "Millionaire University."

Once again the government is taking out the mortgage crisis on nonbanks, their loan officers and mortgage brokers. On Monday National Mortgage News will publish a more detailed story about the mess, but suffice to say there are many things that rankle nonbanks concerning the Consumer Financial Protection Bureau’s new mortgage compensation rule.

Despite complaints from community bankers and some lawmakers about overzealous examiners, Federal Reserve Board Chairman Ben Bernanke on Thursday defended the central bank's examination staff, saying recent analysis suggests they are acting appropriately.

The Consumer Financial Protection Bureau has hired Chris Peterson from the University of Utah, adding a formidable critic of mortgage securitization practices and payday lending to the young agency's staff.

The Consumer Financial Protection Bureau is considering the use of its special regulatory powers to blunt certain provisions in the Dodd-Frank Act that would ban consumers from paying upfront fees -- such as discount points or origination fees, when the loan officer is being compensated on the back-end by the buyer or table funder.

The National Reverse Mortgage Lenders Association has asked a federal regulator to craft a ‘qualified mortgage’ rule specifically for private reverse mortgages.