Compliance

The Treasury Department has agreed to pay $171 million that it withheld from Bank of America, and JPMorgan Chase after the two servicers fixed problems in how they handled government-backed residential loan modifications.

Negative equity and home price volatility have turned home price protection into a desirable yet unattainable option since protecting local housing markets from future devaluation is a challenge few insurers are willing to take on.

The speed at which fraudsters attack and alter their tactics is changing the game in card fraud prevention, making real-time monitoring much more essential.

While MERS QA is neither unreasonable nor unexpected, the challenges uncovered in the race to comply are significant. Never before has the industry asked servicers to ensure the data of originators.

JP Morgan Chase & Co. told a federal court in Wichita, Kan., that it should reject NCUA's claims regarding $1.4 billion of mortgage-backed securities sold to four failed corporate credit unions and dismiss the suit without even allowing for discovery.

The Federal Reserve Bank of New York announced the sale of the rest of the securities in the Maiden Lane II LLC (ML II) portfolio.

Banks and consultants are looking to improve money laundering detection systems using lessons adapted from their fight against consumer fraud.

Fannie Mae, in a new SEC filing, says that in late January it cut off Bank of America from selling most types of loans to the GSE because of "delays" by the lender in making good on outstanding buyback requests.

Federal Housing Finance Agency acting director Edward DeMarco continued to play defense Tuesday as senators grilled him over his unwillingness to let Fannie Mae and Freddie Mac forgive struggling homeowners' debt.

During a pair of appearances Tuesday on Capitol Hill, top housing officials from the Obama administration sought to reassure members of Congress about the financial condition of the Federal Housing Administration.

While investing in domestic real estate is simple in theory, it is rarely easy in its execution. There is much involved—from banks’ stringent requirements and the glut of paperwork to overriding labor, market and macroeconomic conditions.

SunTrust Banks Inc., which has already lost hundreds of millions after repurchasing bad mortgages, could lose up to $150 million as it deals with the cost of mortgage-servicing problems.

HUD is increasing its enforcement efforts to recoup millions of dollars in losses on improperly underwritten FHA-insured loans, holding lenders accountable for their actions, Housing secretary Shaun Donovan told a Senate panel Tuesday morning.

Boston-based Highfields Capital Management, which owns a 7.7% stake in CoreLogic, accused CoreLogic's board of directors' "desire to maintain control rather than doing what is in the best interest of shareholders."

Mortgage industry compliance and risk management are expected to become “quite substantial in the next five years,” according to one of the co-founders of Digital Risk, a company planning to add 1,000 full-time professional positions in this area during 2012 alone.

A proposed $8.5 billion Countrywide RMBS settlement has returned to New York state court in a move that has been largely expected to speed its approval, with Fitch Ratings now estimating it could move ahead in mid-2012.

Some CMBS special servicers are charging undisclosed fees to borrowers seeking modifications, according to Fitch. And there is concern that this may be the beginning of a trend.

The answer to that question is: tight credit with unemployment being the runner-up. Although some naysayers believe the job picture hasn't improved much, there are many realists who think otherwise. But one thing we can agree upon is this: employment is not booming.

Citigroup has finally unloaded the rest of its minority stake in the Mumbai-based Housing Development Finance Corp. as part of its capital planning efforts, but will continue other business relationships with the company including investment and cash management services.

Weeks after state and federal officials said they would ensure borrowers still had the right to sue servicers even under the $25 billion mortgage settlement, the Office of the Comptroller of the Currency appears ready to follow suit.