Compliance & Regulation

California attorney general Kamala Harris arrested three officers last week who were allegedly operating an illegal foreclosure rescue company.

A mortgage broker admitted in federal court to an extortion conspiracy that defrauded four individuals, including two police officers, out of their money and property.

The Federal Deposit Insurance Corp.is issuing "inquiry letters," followed by subpoenas, followed by lawsuits against brokers as well as the loan officers. Sometimes the FDIC skips the inquiry letter and other times it skips the subpoena and goes right to the lawsuit. How do we know?

The Government National Mortgage Association warned seven of its MBS issuers during the first nine months of 2011 that they are in violation of agency's rules, according to an audit by the General Accountability Office.

Mortgage insurance concerns and the possibility of a "disorderly" European recession are among the market risks that should be watched going forward, Credit Suisse strategists said in a global outlook conference call Monday morning.

Rep. Barney Frank, the lead Democrat on the House Financial Services Committee, said late last week that the ongoing stalemate over the confirmation of a director at the Consumer Financial Protection Bureau will not be resolved until at least 2012.

The law firm Ballard Spahr announced Monday that it has added a new mortgage banking practice, tapping three partners and one associate from Patton Boggs.

The Treasury Department is stepping up efforts to unwind its remaining commitments from the 2008 bailout.

The New York State Court of Appeals, in a 6-1 decision, ruled that the attorney general's office is not barred by federal law and thus is able to pursue claims alleging fraud and violations of real estate appraisal independence rules against First American Corp. and its former eAppraiseIT LLC unit.

GMAC Mortgage on Friday said it will no longer purchase loans originated by mortgage correspondents or brokers in Massachusetts, citing the regulatory environment in the state.