Compliance & Regulation

Examiners from the Consumer Financial Production Bureau will begin entering nonbank residential lending shops in February and March, according to the bureau's newly appointed "permanent" director, Richard Cordray.

A report released by the Florida inspector general has cleared state Attorney General Pam Bondi of any wrongdoing for the resignation of two foreclosure fraud attorneys who worked in her office.

The top cop at the Federal Housing Finance Agency is looking for an analytics firm that can advise the agency on what mortgage servicing rights are worth. But a big question about the contract remains unanswered: Why?

More than two dozen Democratic congressmen from California are calling on President Obama to use a recess appointment and replace Federal Housing Finance Agency acting director Edward DeMarco with a new regulator who will help prevent foreclosures.

For all the talk about legal challenges to the recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau, at least one group of consumer lenders has no intention of stepping into the fray.

WASHINGTON—Two senior Federal Reserve officials called on policymakers to take steps quickly to help ease the pain of the housing market to assist ongoing efforts to rescue the U.S. economy.

With financial institutions and mortgage servicers trying to comply with new regulations in order to mitigate their overall risk problems, the law firm Venable has decided to add a veteran finance and capital markets attorney who handles compliance and regulatory matters.

National Mortgage News (December 19) asks, “Can Regulators Prevent the Next Systemic Risk Crisis?” Probably not.

The watch list of servicers supervised by the Federal Reserve and The Office of the Comptroller of the Currency is not that long, but the number and types of requirements they need to abide to is and includes independent foreclosure reviews whose application deadline is ticking.

Servicers have restructured nearly half of all second mortgages sitting in their portfolios that are eligible for a HAMP second lien modification program known as 'MP2.'