Another disturbing wrinkle was CFPB Director Richard Cordray rejecting an administrative law judge’s proposed penalty of $6.4 million against PHH and instead jacking it up to $109.2 million...

Additionally, the annual MIP for affordable mixed-income properties has been lowered to 35 bps...

Fannie's CFO McFarland made her disclosure around the same time the U.S. Treasury changed the terms of the GSE bailout...

As recently as this past summer, there was talk in the industry that Wells Fargo might counter-sue the government...

Associate Attorney General Stuart Delery: “This resolution holds Goldman Sachs accountable for its serious misconduct..."

As recently as this past summer, there was talk in the industry that Wells Fargo might counter-sue the government...

What's the right answer to the GSE "problem"? A new Congress and White House will have to decide...

As the non-conforming secondary market continues to grapple with headaches surrounding TRID errors and scotched jumbo deals, another storm may be brewing: whether Fannie Mae and Freddie Mac are buying loans that – if tested properly for violations – would reveal flaws. The good news for the lending industry is that the government-sponsored enterprises are not now conducting routine post-purchase file reviews for technical compliance for TRID errors. The GSEs now are just checking to make sure the new consumer disclosures, which merge the requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act, are being used. Still, that has not prevented...

The Association of Mortgage Investors last week urged the Consumer Financial Protection Bureau to address ongoing issues raised by the so-called TRID mortgage disclosure rule. “The recent evidence is that the rule, while extremely well-intentioned, has resulted in a climate of legal uncertainty and is chilling private investment in the U.S. mortgage market,” Chris Katopis, executive director of the AMI, wrote to CFPB Director Richard Cordray. The rule took effect...

Litigation over legacy residential MBS deals that went sour in the run-up to the financial crisis continued last week, as California Attorney General Kamala Harris sued investment bank Morgan Stanley for alleged misrepresentations about RMBS investments, which she said contributed to huge losses by investors such as the state’s public pension funds. In what is just the second such use of the False Claims Act by a state, Harris’ complaint, filed in San Francisco Superior Court, alleges that Morgan Stanley violated the FCA, as well as California securities law and other state laws, by allegedly hiding or downplaying the risks of complex investments involving large numbers of underlying loans or other assets. Harris used...