Compliance & Regulation

Six mortgage industry groups are urging the Consumer Financial Protection Bureau to preempt from state law new and improved mortgage disclosures, fearing that state interference will muddy and slow the process.

The Federal Housing Finance Agency this week hired Manoj K. Singh as principal examiner for risk, in charge of Fannie Mae and Freddie Mac.

Bank of America Corp. has agreed to pay $315 million to settle claims that its Merrill Lynch unit made false and misleading statements about the quality of subprime mortgage-backed securities it sold to investors.

This week's showdown over the Consumer Financial Protection Bureau will likely be the first of many as Democrats prepare to make consumer protection a top campaign issue in the 2012 election.

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.