Compliance & Regulation

The House Financial Services Committee is asking the new Consumer Financial Protection Bureau for a detailed account of its spending to date, and plans for funds it has received but not yet spent.

Independent consultants conducting foreclosure reviews at the residential servicing units of 12 national banks are specifically required to look for possible foreclosure violations involving active duty soldiers.

The Consumer Financial Protection Bureau is initiating a process for streamlining and updating its consumer regulations with bureau officials seeking public input on which rules should be looked at first.

The Federal Housing Finance Agency repeatedly defers to Fannie Mae and Freddie Mac without independently testing their decisions, according to a report released Tuesday by a government watchdog.

Within minutes of Rep. Barney Frank's surprise announcement that he planned to retire next year, industry insiders and political analysts were focused on who would take his place as lead Democrat on the House Financial Services Committee.

Citigroup's $285 million settlement with the Securities and Exchange Commission over a nonprime MBS investment was rejected Monday by a federal judge who said he hadn't been given enough facts to approve it.

Kirchmeyer & Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.

Quicken Loans says it is waiting for mortgage insurance companies to issue guidance before it starts refinancing GSE loans with existing MI policies under the new Home Affordable Refinance Program.

The Attorney General of Arizona has filed a complaint against Mortgage Capital USA and its CEO, Gustavo Anaya, for allegedly conducting an illegal home loan modification scheme involving multiple business entities.

A former Pennsylvania real estate agent has been convicted of four counts each of wire fraud and money laundering for defrauding more than $6.2 million from 14 mortgage lenders and 34 homeowners.