Compliance

Due to the increasing complexities surrounding the foreclosure process, Nationwide REO Brokers has expanded its services by offering third-party foreclosure review and certification for lenders and servicers.

CUNA Mutual Group this week filed suit against RBS Securities, asking a federal court in Madison, Wisc. to order the Wall Street bank to buy back $72 million of failed residential MBS it sold to the credit union insurer's MEMBERS's Life Insurance Co., and CUMIS Insurance Society units.

The nation's attorneys general, the Department of Justice, and HUD are “very close” to finalizing a legal settlement to settle 'robosigning' allegations levied against the nation's dozen or so top ranked servicers, HUD secretary Shaun Donovan said Wednesday morning.

Freddie Mac hopes to issue more Mortgage Linked Amortizing Notes similar to the one it priced late last week.

The Georgia Department of Banking and Finance recently revoked the license of Citizens First Mortgage Solutions, but Cynthia Rumph, president and owner of the Snellville, Ga.-based brokerage company, has appealed the cease and desist order issued against her company.

Here's a riddle for you: What can you buy at record low prices, that you can't buy at record low prices? Answer: A home. That's right, despite interest rates not seen in nearly 50 years, home sales in the U.S. are sluggish at best. How can that be? Simple really. Most home sales are dependent on mortgage financing, but getting that financing can be a real challenge.

The Mystery of Banking The bank has ten billion this year, But the money is simply not Here--

A few years back when it came to minority housing especially in the largest metropolitan areas the risk of stretching lending too thin was often overshadowed by the benefits of higher rates of homeownership.

Bank risk professionals expect delinquencies on most types of consumer loans to rise, balances on credit cards to grow and global concerns will all affect the nation's economic health, according to a FICO survey.

Two more congressmen have been identified as receiving home mortgages through a Countrywide Financial Corp. program that has prompted a Congressional investigation into whether the now defunct lending giant approved loans on favorable terms to win political favor.

The first day after his appointment as director of the Consumer Financial Protection Bureau, Richard Cordray indicated he intends to move aggressively to enforce the agency's expanded authority. He announced the launch of the agency's nonbank supervisory program and stated that the CFPB was already working on significant enforcement actions.

JPMorgan Chase chairman and chief executive Jamie Dimon suspects a "turn" in the housing market is getting closer but a recovery may still be years away.

Due to more stringent government loan requirements and increased oversight by regulators, small servicers have experienced problems with traditional subservicers. These problems include high delinquency ratios under Ginnie Mae, high FHA curtailments, low loss mitigation workout ratios and challenges with conveying properties to FHA.

Goldman Sachs this week asked a federal court in Los Angeles to dismiss a billion-dollar private label MBS related lawsuit brought against the firm by the National Credit Union Administration.

One of the joys of living in South Florida is spending New Year's Day at the beach. This year when walking along the shore I came across a sand crab making its way toward the water. My grandchildren were fascinated by the fact that the crab didn't walk forward, but sideways. Every time my grandchildren got close, the crab stuck its head into its shell, thereby making no progress at all.

A report released by the Florida inspector general has cleared state Attorney General Pam Bondi of any wrongdoing for the resignation of two foreclosure fraud attorneys who worked in her office.

With financial institutions and mortgage servicers trying to comply with new regulations in order to mitigate their overall risk problems, the law firm Venable has decided to add a veteran finance and capital markets attorney who handles compliance and regulatory matters.

National Mortgage News (December 19) asks, “Can Regulators Prevent the Next Systemic Risk Crisis?” Probably not.

Park City, Utah - Banks are not alone in criticizing the newly-empowered Consumer Financial Protection Bureau: even some consumer advocates are piling on, raising concerns that the agency will not go far enough in rolling back preemption.

Federal regulators must levy fines against residential servicers under their purview to show there are real consequences for their "severe misconduct," according to Federal Reserve governor Sarah Bloom Raskin.