Compliance

A Realtor's attempt to defraud a Midwest Bank of $60,000 was thwarted with the assistance of a Web-based offer-processing service that eliminates the possibility of foreclosure fraud.

A 45-count indictment for fraud and money laundering has been charged by a federal grand jury in Newark, N.J., against the leader of an investment fraud scheme that allegedly caused more than $200 million in losses.

JPMorgan Chase late last week rebutted federal claims that it misled four now defunct corporate credit unions into buying $1.5 billion of risky MBS and pointed the finger - as NCUA's own internal reviews have - at the management of the failed corporates and at NCUA's own examiners.

The Georgia Department of Banking and Finance this week issued a cease and desist order against two mortgage companies for allegedly conducting business in the state without a license.

A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.

Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.

A leading credit union executive told the Senate Banking Committee this morning that ongoing proposals to wind down Fannie Mae and Freddie Mac and privatize the secondary mortgage market would harm credit unions and other community lenders to the detriment of millions of homebuyers.

Reinstating trust in the ratings process is key to growing investor interest, according to buyside participants in a panel at an asset-backed securities conference in Miami last week.

In the wake of the housing market's decline, there have been several companies who claim that they can help homeowners restructure their mortgages, but in reality, this is not the case.

A loan officer, a certified public accountant, two members of the Hells Angels Motorcycle Club and four other defendants have recently been indicted by a federal grand jury for a $10 million mortgage and money-laundering scheme that defrauded financial institutions.

The owner of a mortgage remodification company who defrauded 1,800 distressed homeowners in Phoenix has pleaded guilty to conspiring to commit wire and mail fraud.

On Oct. 13, a federal grand jury returned a two-count indictment charging Hubert Rotteveel with mail fraud for a mortgage fraud scheme.

The bedrock of the U.S. mortgage market - the 30-year fixed-rate mortgage - may no longer have the same level of bipartisan support in Congress that it once did.

Metro Credit Union, of Chelsea, Mass., signed on with Boston Home Center to develop and enhance mortgage programs aimed at placing homeowners in sustainable mortgages.

Nine subservicing firms this week received approval to handle loans underlying Bank of America-owned Countrywide RMBS as part of a proposed $8.5 billion settlement.

Equifax is expanding the availability of technology it’s developed to aid mortgage investors analyzing whole loan portfolios before and after they’re purchased.

Bank of America said it is receiving more buyback requests for older vintages of loans from Fannie Mae and plans to contest some of these claims regarding breaches of representations and warranties.

Master servicers have been instrumental in dealing with the robosigning debacle in existing securitization deals, said participants at Information Management Network's ABS East Conference on Sunday.

The question of what should be done with Fannie Mae and Freddie Mac is drawing wildly different opinions.

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.