Compliance & Regulation

The Obama Administration is not happy with HARP 2.0 program changes that the GSEs are implementing because it doesn't create enough competition between servicers to refinance borrowers with high LTV loans.

FACTS Kenneth A. Swanger, a real estate investor, pleaded guilty in the U.S. District Court in Sacramento to conspiring with a group of real estate speculators who agreed not to bid against each other at certain public real estate foreclosure auctions in San Joaquin County.

The California Attorney General has returned to the 'robo-signing' talks after a four-month absence to possibly take part in a multi-state settlement with the nation's largest residential servicers, according to combined press reports early Monday morning.

The NCUA Board Friday indicated it is working on narrowing down potential parameters under which it may authorize federal credit unions to independently engage in certain derivatives transactions aimed at offsetting mortgage-related risks caused by rate spikes and volatility.

Richard Cordray extended an olive branch to the banking industry last week when he said the Consumer Financial Protection Bureau would support legislation to protect data that institutions provide during exams.

The biggest issue facing the mortgage business this year is regulation. Nobody likes it. Most people would see some as inevitable. What would be too much?

Wholesale lending is back! OK, not exactly. Citigroup announced its exit from the channel this past week and some trade journals - not knowing their stuff - seemed to think it was the biggest story since the Hindenburg disaster. Wholesale only accounted for 9% of Citi's production.

Another state attorney general has filed a lawsuit against Merscorp, this time in New York, where Eric Schneiderman took aim at the thousands of MERS “certifying officers” employed by mortgage servicers whom he alleges filed defective and inaccurate foreclosure documents that deceived and mislead borrowers and courts.

A New York housing counselor on Thursday was sentenced to six years in prison for bilking 136 mortgage customers who sought loan modifications.

Less than 5% of originations backed by the Rural Housing Service last year were refinancings, but the agency is trying to change all that with a new streamline refi pilot program, unveiled this week by the White House.