Compliance

Congress banned the use of downpayment assistance on FHA-insured loans in 2008 but one Phoenix lender just got caught for reimbursing charitable housing groups that provided “gift” downpayments to homebuyers.

Federal regulators have agreed to exempt all single-family loans that meet the underwriting standards of the qualified mortgage rule from the 5% risk retention requirements mandated by a newly proposed qualified mortgage rule.

An executive at Calvert Financial in Ashland, Mo., has admitted to using funds from the Troubled Asset Relief Program to buy a luxury condominium.

The federal regulator of Fannie Mae and Freddie Mac is seeking at least $6 billion from JPMorgan Chase to settle a lawsuit over soured mortgage bonds sold to the government-sponsored enterprises.

The concern is that vendors are overbilling borrowers and servicers are not properly monitoring the vendors.

Bank of America must face a trial next month in a lawsuit alleging the bank’s Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages.

At least in Florida some are seeing a surprise benefit from new regulations—growth in the mortgage broker industry.

The New York attorney general has filed a lawsuit against real estate mogul Donald Trump, Trump University and its former president for engaging “in persistent fraudulent, illegal and deceptive conduct.”

The New York City Housing Development Corp. intends to sell $655 million of capital fund grant program revenue bonds in two series on Wednesday.

Texas A&M University System is preparing to issue $353 million of taxable and tax-exempt revenue bonds for the most costly college stadium renovation in the nation.

The court issued a memorandum that clarifies the proposal is based on the suggestion of a number of stakeholders involved in mortgage foreclosure cases.

On Capitol Hill, Louisiana lawmakers have introduced several bills to delay a ramp-up in federal flood insurance premiums for an estimated 252,851 properties nationwide.

The housing industry is stepping up behind-the-scenes lobbying to alter the housing finance bill sponsored by Rep. Jeb Hensarling and perhaps kill the legislation entirely.

Mortgage Electronic Registration Systems persuaded a judge to throw out a lawsuit by Minnesota’s Ramsey and Hennepin counties claiming the use of MERS to avoid paying mortgage-assignment filing fees violates state law.

Standard & Poor’s probably will demand greater protections for investors when mortgage bonds are backed by loans to homeowners in jurisdictions that use eminent domain to seize debt to help borrowers.

Ohio is in dire need for new policies that improve the foreclosure process and promote job growth so the state’s housing and economic recovery takes hold.

The California Homeowner Bill of Rights and similar types of regulation issues in other states are affecting recovery efforts because these rules favor the borrower by protecting them if they are at-risk of foreclosure.

Equifax has introduced a tool designed to deliver a more in-depth picture of past credit behavior and future mortgage loan credit risk.

One hurricane recovery expert said, however, that the report fell short.

The city of Richmond and Mortgage Resolution Partners say a bondholders’ lawsuit seeking to block it from seizing underwater mortgages through eminent domain is premature and should be dismissed.