Compliance & Regulation

The correspondent lending arm of Wells Fargo Bank this week began publishing a list of third-party originators that it will no longer buy loans from in the secondary market -- as a way to address what it calls "risks" in loan origination.

Congress has restored a housing counseling fund for the U.S. Department of Housing and Urban Development after eliminating it in 2011 and at almost half of the $88 million approved during the first two years of the Obama administration. Now HUD officials worry about the amount of settlement dollars to be used for counseling.

Mortgage bondholders are threatening legal action over the $25 billion national mortgage settlement, which will give the five largest servicers credits for principal writedowns that the bondholders may take.

The Federal Housing Finance Agency had sharp words early this week for state and local governments that have passed laws meant to help homeowners facing risk of foreclosure.

Canada's Office of the Superintendent of Financial Institutions has drafted a proposed set of guidelines for sound residential mortgage underwriting practices.

ATLANTIC CITY, NJ - The qualified mortgage definition, which should come out next month from the Consumer Financial Protection Board, needs to be carefully crafted, otherwise it will affect credit availability and affordability, said the regulatory counsel for the Mortgage Bankers Association.

I started my first day at Goldman Sachs in 2004. As with all GS employees in New York, I sat through an all-day briefing on the firm, the culture, and the rules of the road. It was the most comprehensive session for new employees that I have ever experienced. That first day and all subsequent days after that while working at Goldman Sachs always exceeded my expectations.

Wells Fargo is already contacting borrowers who might be eligible for a principal reduction as required under the $25 billion robo-signing settlement with state and federal law enforcement agencies.

A company that has been helping to mitigate strategic default risk with borrower incentives for on-time payments, now is more broadly offering to help clients mitigate certain second-lien loan balance sheet concerns through rewards for accelerated pay-downs.

Richard Cordray, director of the Consumer Financial Protection Bureau, told a group of business journalists Friday that he is looking forward to being held accountable by them. Moments later, he was defending the agency's power.