Compliance

The new Consumer Financial Protection Bureau could "potentially" share the results of its examinations of large banks with state attorneys general, according to K&L Gates attorneys.

Mortgage fraud continued at elevated levels in fiscal year 2010 and the Federal Bureau of Investigation continues to "dedicate significant resources to the threat," the agency says in its FY 2010 Mortgage Fraud Report.

Bank of America told investors that its liabilities for mortgage repurchase requests from Fannie Mae and Freddie Mac could be worse than expected. Bank of America now says its total potential GSE losses for the mortgages sold to Fannie Mae and Freddie Mac stand at $7.8 billion. (sfbustmes8611)

Ways in which the industry can prevent fraud are evolving along with the nature of fraud itself, and the answer to preventing one of the latest waves of fraud appears to lie in finding new and better ways to track participants and their information in distressed home sales as well as in mortgage transactions.

An indictment has been filed in Manhattan Federal Court charging 14 defendants for participating in a mortgage fraud scheme that involved over 100 home mortgage loans valued at more than $58 million.

National mortgage fraud risk is down 2.3% from a year ago and is 1% lower from the previous quarter, but is still at an elevated risk, Interthinx said in its latest Mortgage Fraud Risk Report.

National mortgage fraud risk is down 2.3% from a year ago and is 1% lower than the previous quarter, but is still at an elevated risk, Interthinx said in its latest Mortgage Fraud Risk Report.

State mortgage regulators should get ready for a swarm of consumer complaints against lenders this fall, a California lawyer who focuses on unfair lending practices and foreclosures warned.

Federal agents arrested four Florida men Tuesday on charges that they scammed thousands of homeowners who were seeking loan modifications, according to authorities.

Sand Canyon Corp., a subsidiary of H&R Block that holds the remnants of the Option One Mortgage business, will pay a $10 million settlement to Massachusetts and institute a loan modification program providing an estimated $115 million of additional relief to consumers.

The National Association of Independent Housing Professionals said it has a meeting scheduled for Tuesday with the Federal Deposit Insurance Corp. to discuss the issue of loan buyback claims being forced upon mortgage brokers.

Fannie Mae, in a new quarterly filing, says it is receiving "higher amounts" from lenders on loan repurchase requests while its pipeline of buyback claims on defaulted mortgages continues to grow.

In the mortgage industry, lenders and servicers are not the only parties who have to comply with federal rules and regulations. Title agents and brokers have to follow the rules, and if they don't adhere to the laws, their new home is going to be inside a prison.

A title company owner in Baltimore has been sentenced to serve four years in jail for scamming lenders and homeowners of more than $2.2 million.

The Securities Investor Protection Corp. urges consumers to be aware of a "phishing" scam where individuals are pretending to be SIPC agents in order to collect money from investors.

Michele SimmsParris sued Countrywide Financial Corp. and Countrywide Home Loans under the Fair Credit Reporting Act to recover for the reporting of what she asserts was false information about her mortgage repayments.

Wipro Gallagher Solutions added an integration to Fannie Mae’s EarlyCheck, a tool that allows lenders to run pre-closing quality control checks on mortgage applications, to its NetOxygen loan origination system.

CMBS delinquencies in the U.S. have reached a new record high as a result of a slew of new late-pays along with below-average loan resolutions last month, Fitch Ratings analysts said.

American International Group plans to sue Bank of America along with a host of other prominent financial institutions as the insurer seeks to recover losses on mortgage backed securities, according to a report in The New York Times.

A bipartisan group of lawmakers, aided by banking and housing groups, are beginning a strong lobbying push to forestall a scheduled drop in the maximum sizes of mortgages backed by the government-sponsored enterprises.