Mortgage Compliance Actions
A federal regulatory letter outlines last year's mortgage-related enforcement activity tied to noncompliance with mortgage rules and regulations. Prominent among the defendants were firms that promise to help distressed borrowers.
The Federal Trade Commission said that last year it engaged in law enforcement, rulemaking and policy development of the Truth in Lending Act and its implementing Regulation Z.
Topics covered by Reg Z include advertising, extension and certain other aspects of consumer credit, according to the commission.
Ohio Supreme Court Decision Bodes Well for Servicers
Ohio's supreme court has ruled that mortgage servicers are exempt from the Ohio Consumer Sales Practices Act -- a decision that bodes well for residential servicers.
Settlement Relieves Ally of Mortgage Liabilities
A settlement reached with creditors of its former mortgage subsidiary will free Ally Financial Inc. from most of its mortgage liability to third parties.
Mortgage Crimes Prosecuted
Many mortgage-related crimes are committed by people who don't necessarily work for a mortgage lender -- though it is often the mortgage firm that takes the hit. Defendants include attorneys, investment bankers and real estate investors.
More Bank Executives Headed to Prison
Whoever said that nobody has gone to jail for causing the financial crisis hasn't been following the numerous criminal cases against former executives of failed banks. Defendants are accused of a range of crimes including mortgage fraud, embezzlement and accounting fraud.
Failed Bank's Former President Indicted Last Year
Losses at one of last week's bank failures are expected to exceed 40 percent of its assets. The former president at the bank had been indicted for loan fraud that allegedly occurred while he was at the firm. Two other financial institutions are also no longer in business.
Pomona, CA Council Approves Deal W/Eminent Domain Firm
A company that has made waves in the mortgage bond world over a controversial plan to use the power of eminent domain to seize securitized non-agency mortgages has landed an agreement with a California town.
HUD Racks Up Another Maternity Settlement
In the past two years, eight mortgage firms have settled charges that they discriminated against loan applicants who were on maternity leave. A ninth action has now been announced.
Mortgage Fraud SARs Filings Fall
|Foreclosure Filings Fall to 6-Year Low
It has been 74 months since the number of total foreclosure filings has been this low. There were some states, however, where new legislation caused a bounce in new filings.
The number of reports filed by banks and credit unions that suspect mortgage fraud slid more than a quarter last year. Also lower were the number of instances involving appraisal insiders.