Mortgage servicers could find themselves under federal supervision in the future as a push for nationwide mortgage servicing standards gained momentum among industry participants, academics, state regulators and the Obama administration. In recent joint comments to federal regulators, academics and mortgage industry experts called...

Two states that have suffered a great deal from the foreclosure crisis, Arizona and Nevada, on the same day filed lawsuits against Bank of America – the subject of numerous investor lawsuits and state and federal investigations into its mortgage servicing practices. Attorneys general in every state are...

Illinois. Brent Adams, secretary of the Illinois Department of Financial and Professional Regulation has issued a nine-point “affidavit-preparation expectations” plan to fix the sloppy foreclosures in the state. The plan was prepared...

Department of the Treasury BCFP Senior Executives Named. The Treasury Department announced Dec. 15 three more senior executives hired to implement the fledgling Bureau of Consumer Financial Protection. They include Richard Cordray, currently Ohio’s attorney general, who was named...

CoreLogic’s Fraud Index estimates fraud losses for 2010 to be $11 billion, down from $14 billion in 2009. While the probable rate of fraud has increased by 20 percent due to highly risky government loan programs, actual fraud losses are lower because origination volume is...

Legislation has been signed into law in New York that requires mortgage lenders that lose in a mortgage foreclosure action to pay the borrower’s legal fees. The new amendment to the state’s Real Property Law, Section 282, applies solely to residential real property, according to Bruce Bergman, a foreclosure attorney and a partner with the New York law firm Berkman, Henoch, Peterson, Peddy & Fenchel. The provision covers...