Fannie Mae and Freddie Mac would be required to report incidents of actual or suspected mortgage fraud to their primary regulator -- the Office of Federal Housing Enterprise Oversight -- under a proposed rule issued by OFHEO."This rule will ensure that Fannie Mae and Freddie Mac do their part to help combat mortgage fraud," said OFHEO Director Armando Falcon Jr. "The enterprises will now have a clear obligation to report fraud and help prevent a repeat of cases like the First Beneficial matter." In a federal investigation of First Beneficial Mortgage Corp., Charlotte, N.C., it was discovered that Fannie officials suspected FBMC had sold Ginnie Mae fraudulent loans, but they did not inform Ginnie. OFHEO is issuing the proposed rule for a 30-day comment period. Separately, OFHEO has issued a directive requiring notification by Fannie and Freddie when they become involved in investigations and legal proceedings, as well as civil and criminal actions.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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