Compliance

California attorney general Kamala Harris arrested three officers last week who were allegedly operating an illegal foreclosure rescue company.

A mortgage broker admitted in federal court to an extortion conspiracy that defrauded four individuals, including two police officers, out of their money and property.

The Federal Deposit Insurance Corp.is issuing "inquiry letters," followed by subpoenas, followed by lawsuits against brokers as well as the loan officers. Sometimes the FDIC skips the inquiry letter and other times it skips the subpoena and goes right to the lawsuit. How do we know?

The Government National Mortgage Association warned seven of its MBS issuers during the first nine months of 2011 that they are in violation of agency's rules, according to an audit by the General Accountability Office.

Mortgage insurance concerns and the possibility of a "disorderly" European recession are among the market risks that should be watched going forward, Credit Suisse strategists said in a global outlook conference call Monday morning.

GMAC Mortgage on Friday said it will no longer purchase loans originated by mortgage correspondents or brokers in Massachusetts, citing the regulatory environment in the state.

The Treasury Department this week unveiled a new joint task force to fight mortgage scams aimed at struggling homeowners seeking payment relief under the government’s Home Affordable Modification Program.

Massachusetts on Thursday sued the nation's five largest residential servicers, alleging their foreclosure practices were unlawful and deceptive.

The Federal Housing Administration is considering raising insurance premiums on loans above $625,500, according to HUD secretary Shaun Donovan.

Credit risk managers expect consumers will have trouble making payments on a variety of loan types, according to the European Credit Risk Survey taken by FICO and Efma.

Citigroup's $285 million settlement with the Securities and Exchange Commission over a nonprime MBS investment was rejected Monday by a federal judge who said he hadn't been given enough facts to approve it.

Kirchmeyer & Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.

The Attorney General of Arizona has filed a complaint against Mortgage Capital USA and its CEO, Gustavo Anaya, for allegedly conducting an illegal home loan modification scheme involving multiple business entities.

A former Pennsylvania real estate agent has been convicted of four counts each of wire fraud and money laundering for defrauding more than $6.2 million from 14 mortgage lenders and 34 homeowners.

The Consumer Financial Protection Bureau plans to provide early warning of possible enforcement actions. Subjects under investigation to be given opportunity to respond to CFPB concerns, On Nov. 7, CFPB outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation.

A New York court has said that an appraisal-related suit involving First American Corp. and its former eAppraiseIT LLC unit, now a part of CoreLogic, can move forward, ruling against a jurisdictional challenge.

A whistleblower lawsuit filed by two mortgage brokers has been unsealed in Federal District Court in Atlanta claiming that 13 banks and mortgage companies have cheated veterans out of hundreds of millions of dollars.

A federal jury has convicted the leader of a mortgage fraud scheme that guaranteed to pay off homeowners' mortgages but failed to fulfill this promise.

On any given morning when I'm not running off to catch a jet to someone else's city to preach the gospel of safe lending and investing the Interthinx way, you can find me tuning in to one of the day's morning “news” shows during a cardio workout; mostly to exercise rolling my eyes at what the world has been up to the day before.

The first-ever statewide PACE program, which already has $2 billion of validated bonding capacity from a Florida court, is on an aggressive track toward implementation with the selection of nationally recognized financial advisors.