Compliance & Regulation

A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.

Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.

A leading credit union executive told the Senate Banking Committee this morning that ongoing proposals to wind down Fannie Mae and Freddie Mac and privatize the secondary mortgage market would harm credit unions and other community lenders to the detriment of millions of homebuyers.

Reinstating trust in the ratings process is key to growing investor interest, according to buyside participants in a panel at an asset-backed securities conference in Miami last week.

In the wake of the housing market's decline, there have been several companies who claim that they can help homeowners restructure their mortgages, but in reality, this is not the case.

A loan officer, a certified public accountant, two members of the Hells Angels Motorcycle Club and four other defendants have recently been indicted by a federal grand jury for a $10 million mortgage and money-laundering scheme that defrauded financial institutions.

The owner of a mortgage remodification company who defrauded 1,800 distressed homeowners in Phoenix has pleaded guilty to conspiring to commit wire and mail fraud.

On Oct. 13, a federal grand jury returned a two-count indictment charging Hubert Rotteveel with mail fraud for a mortgage fraud scheme.

The bedrock of the U.S. mortgage market - the 30-year fixed-rate mortgage - may no longer have the same level of bipartisan support in Congress that it once did.

Metro Credit Union, of Chelsea, Mass., signed on with Boston Home Center to develop and enhance mortgage programs aimed at placing homeowners in sustainable mortgages.