Compliance & Regulation

For more than a year, Republicans have been hammering Democrats for what they say are the hefty economic costs of new financial regulations.

Sen. Bob Corker, R-Tenn., Wednesday introduced legislation that would reduce Fannie Mae and Freddie Mac's share of the mortgage market by "at least 10%" per year.

The House Financial Services Committee is slated to vote next Tuesday (Nov. 15) on a bill that would suspend the compensation packages of top Fannie Mae and Freddie Mac executives.

The Federal Housing Administration and Internal Revenue Service will begin allowing electronic signatures on FHA loan documents and the 4506-T form in 2012, according to the Mortgage Bankers Association.

County and state officials are turning up the heat on MERS, as recent lawsuits filed in Florida, Delaware and Texas challenge the validity and accuracy of the mortgage industry-controlled loan registry.

A judge has given the Federal Deposit Insurance Corp. and former executives at Washington Mutual Bank until yearend to settle civil charges related to the thrift's 2008 failure, raising the likelihood of an out-of-court resolution.

The Consumer Financial Protection Bureau is close to completing its redesign of the Good Faith Estimate form that home buyers receive after applying for a mortgage — but some industry groups believe the agency needs to test the disclosures on real loans.

Former Mortgage Bankers Association chief executive John Courson is the new president and CEO of the Home Builders Institute, the workforce development arm of the National Association of Home Builders.

County and state officials are turning up the heat on MERS, as recent lawsuits filed in Florida and Delaware challenge the validity and accuracy of the mortgage industry-controlled loan registry.

The Supreme Court said Monday it will take up a case to decide whether an individual may allege discrimination under the Fair Housing Act based solely on the impact of a policy, rather than the intent.