Compliance & Regulation

All of the 12 national banks under regulatory orders to correct their servicing and foreclosure procedures are making progress in that regard, according to an interim report released Tuesday by the Comptroller of the Currency.

The Financial Industry Regulatory Authority has reached a settlement with Wells Investment Securities Inc., where the latter will pay a $300,000 fine for using misleading marketing materials in the sale of Wells Timberland REIT Inc., a non-traded real estate investment trust.

A whistleblower lawsuit filed by two mortgage brokers has been unsealed in Federal District Court in Atlanta claiming that 13 banks and mortgage companies have cheated veterans out of hundreds of millions of dollars.

Bank of America Corp.'s board has been told the company could face a public enforcement action if banking regulators aren't satisfied with recent steps taken to strengthen the bank, according to a report by Dow Jones.

A federal jury has convicted the leader of a mortgage fraud scheme that guaranteed to pay off homeowners' mortgages but failed to fulfill this promise.

On any given morning when I'm not running off to catch a jet to someone else's city to preach the gospel of safe lending and investing the Interthinx way, you can find me tuning in to one of the day's morning “news” shows during a cardio workout; mostly to exercise rolling my eyes at what the world has been up to the day before.

The first-ever statewide PACE program, which already has $2 billion of validated bonding capacity from a Florida court, is on an aggressive track toward implementation with the selection of nationally recognized financial advisors.

November remittance data showed that the $192 million loan backed by the Manhattan Apartment Portfolio was liquidated. According to Barclays Capital CMBS analysts, if the loan's disposition strategy is right, this might be considered the largest note sale ever in CMBS.

The extraordinary actions taken by the Fed during the financial crisis were a "problematic exercise in credit allocation," according to Federal Reserve Bank of Richmond President Jeffrey M. Lacker, who added purchases of U.S. Treasury securities could have created the same "expansion of reserve supply."

The unemployment rate will remain above 7% for the next three years and the country won't be at “maximum employment until 2016,” Federal Reserve Bank of San Francisco president and chief executive John C. Williams said Friday.