Compliance

The Federal Deposit Insurance Corp. has charged nine former directors of Southern Community Bank in Fayetteville, Ga., with approving risky loans that later led to its collapse in 2009.

Juan Velez, 60, of Waterford, Conn., pleaded guilty Friday to one count of bank fraud stemming from a mortgage fraud scheme.

A U.S. House subcommittee has approved an appropriations bill that includes cuts to federal spending for public housing and transit.

Amherst Securities Group has brought on UBS veteran Chris McDowell as part of an effort to expand its commercial real estate finance business.

Moody’s Investors Service has put on review for downgrade 1,079 tranches from 299 shifting interest/pro-rata U.S. residential mortgage-backed securities transactions that are reaching or getting closer to the end of their terms.

When Howard Bluver took over as CEO and director of Suffolk Bancorp, the bank had a total book value of $81 million in nonperforming loans.

Poor underwriting and even fraud have been involved in various participation schemes, including the failure of the Central States Mortgage CUSO.

The Federal Housing Administration is revising its scorecard for rating servicers on their loss mitigation efforts and the agency is seeking one last round of comments on the changes.

Pacific Investment Management Co. sees value in European commercial mortgage-backed securities on signs of a lending recovery

Lenders are waiting for the Consumer Financial Protection Bureau to agree on a residual income test that will be critical in the origination of rebuttable presumption QM loans.

Manhattan U.S. Attorney Preet Bharara today announced the unsealing of a felony complaint against Seth Beoku-Betts, founder of Betts & Gambles LLC, for defrauding a Midwestern state university in 2008.

The Department of Housing and Urban Development and The Rockefeller Foundation have launched a multistage regional design competition that aims to promote housing construction innovation in Hurricane Sandy-affected areas.

Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home loan rates rose to the highest in more than 14 months as the Federal Reserve said risks to the economy have decreased.

Wells Fargo & Co. marketed a risky securities-lending program as safe and ended up causing millions of dollars in losses for institutional investors, a lawyer said as the trial of a lawsuit against the bank began.

News that Wells Fargo and Bank of America failed to comply with the mortgage loan modification timeline processing requirements of the mortgage servicing standards mandated by the national mortgage settlement are bittersweet for New York Attorney General Eric Schneiderman.

Felony charges were filed against Robert Williams, an investor who pleaded guilty for his role in conspiracies to rig bids and commit mail fraud at foreclosure auctions.

When it comes to whether to outsource valuations or keep them in-house, opinions can be fierce, but the best advice is to not close the door to either until one has carefully examined all the pros and cons in line with which best matches a particular company’s size or situation.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is asking for an investigation into claims that Bank of America purposefully delayed borrowers from entering the Home Affordable Modification Program.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.17%, the highest rate since March 2012.

ServiceLink has made available a multipurpose tool designed to ensure the mortgage loan data lenders and servicers report and record electronically is accurately transferred and in compliance with regulators.