The Supreme Court of the United States is expected to announce on Monday, June 17, whether it will grant the petition for certiorari in the disparate impact case of Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc.

Former rating analysts at two of the major rating services told the Securities and Exchange Commission that problems with the rating system are due to management at the rating services, not the analysts in charge of assigning ratings. “The management sets the policies, goals and corporate culture,” said David Jacob, the executive managing director of global structured finance at Standard & Poor’s from 2008 through 2011. “Management serves its firm’s shareholders, who look to maximize profit. There is nothing wrong with this. However, invariably there is potential for a conflict of interest.” In a comment letter submitted to the SEC last week, Jacob said...

At least two mid-sized nonbanks on track to fund up to $10 billion in mortgages this year are on the auction block and could get sold in the months ahead. That is, if their owners don’t get too greedy. With interest rates continuing to head north and loan application volumes weakening, the dynamics in the mergers and acquisitions market may be shifting. Over the past two years, lenders have been posting the best profit margins ever, which in turn has caused them to increase their asking price, that is, should they entertain the thought of selling. In general, nonbank lenders that are...

HUD and FHA offices will be closed on Friday. Foreclosure activity was up and down in May. And the "nerdy" reference behind Fenway Summer.

CFPB officials claim that lenders will originate non-qualified mortgages, though industry participants have been skeptical due to the liability involved with such loans. Raj Date, the former deputy director of the CFPB, detailed how his new firm will originate non-QMs.

The Federal Housing Finance Agency is holding a two-day, closed-door working group Thursday and Friday with force-placed insurance stakeholders following the FHFA’s recent actions to shutter an insurance proposal by Fannie Mae and its policy proposal to develop a set of force-placed aligned standards.

Speaking at a trade show gathering, the ABA's Chris Lewis urged bankers to educate upper management as well as front-line loan officers about the finer nuances of the Consumer Financial Protection Bureau’s ATR rule.

FHA officials had sought the legislation so they can act quickly to address problems involving the troubled HECM program.

The latest Bexil American Mortgage officer to leave is Jay Fuller, who held the title of national sales manager.

The Inspector General of HUD plans to expand audits of FHA servicers later this year.