Finance & Banking Residential Real Estate Administrative Agency

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

FCA Matters: Department of Justice Touts Record Recoveries in False Claims Act Cases (2/15)

The U.S. Department of Justice collected a record $5.69 billion through settlements and judgments in False Claims Act cases during the fiscal year ending September 30, 2014, according to a recent announcement by DOJ...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

DOJ and State AGs Announce Settlement with Credit Rating Agency

On February 3, the DOJ announced a settlement agreement with a large credit rating agency and its parent company for $1.375 billion – a record amount according to the DOJ – in connection with the agency’s alleged “scheme to...more

Texas Supreme Court opinions (2/15)

In its weekly orders (2/6/15), the Texas Supreme Court issued four new opinions and granted no petitions for review. The new opinions are as follows: No. 12-0136, Wackenhut Corp. v. Gutierrez -- This case...more

HUD Issues New Rules about Surviving Spouses Following Death of Reverse Mortgage Borrower

For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more

Mortgage Servicer Settles with California Regulator

On January 23, the California Department of Business Oversight (DBO) announced a $2.5 million settlement with a national mortgage servicer for failing to provide loan information to the state regulator. According to the...more

SEC & AGs Fine & Suspended S&P for MBS Rating Violations

The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor’s almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for...more

NCUA Sues Wells Fargo for Allegedly Failing to Comply with RMBS Trustee Duties

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York. NCUA filed the suit in its capacity as liquidating agent...more

MoFo New York Tax Insights - Volume 5, Issue 12 - December 2014

In This Issue: - ALJ Rejects New York City’s Attempt to Forcibly Combine Bank and Its Non-New York City Mortgage Subsidiary - Tribunal Amends Decision Upholding Disallowance of Nonresident Partner’s Loss from...more

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Senate holds nomination hearing for HUD Assistant Secretary

Last Thursday afternoon, the Senate Committee on Banking, Housing, and Urban Affairs conducted a nomination hearing to interview San Antonio Housing Authority CEO Lourdes Castro Ramírez for the position of HUD Assistant...more

A further update on state AG/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

Mississippi Regulatory Compliance Group Quarterly Report Vol. 25 No.4

In This Report: - You Need a Written Compliance Program - CFPB Amends 2014 Mortgage Rules - Proposed Changes to TILA-RESPA Integrated Disclosure - Integrated TILA-RESPA Disclosures-Compliance...more

Court Tosses HUD’s Disparate Impact Rule: Is Protection for Lenders from Disparate Impact Claims on the Horizon?

Since the 1970s, courts have routinely held that the Fair Housing Act, 42 U.S.C. §§ 3601 et seq., may remedy housing discrimination proven through use of the disparate impact theory. The doctrine of disparate impact permits a...more

Federal court strikes down HUD’s disparate impact regulations

On Monday, the United States District Court for the District of Columbia issued a scathing opinion that struck down HUD’s disparate impact rule. The disparate impact rule, also referred to as a ”discriminatory effects”...more

Court Rules Disparate Impact Claims Cannot Be Made Under Fair Housing Act

Earlier this week, a federal district court judge struck down a regulation issued by the U.S. Department of Housing and Urban Development (HUD), which would have allowed for claims of housing discrimination to be based on...more

Disparate impact on the ropes: federal district court vacates HUD rule

A federal district court in Washington, D.C. dealt a heavy blow on Monday to HUD’s position that disparate impact claims are cognizable under the Fair Housing Act (FHA). In American Insurance Association v. U.S. Department of...more

The RMBS Working Group: Is There Life After Eric Holder?

Financial institutions are asking what Attorney General Eric Holder’s resignation means for the future of the U.S. Department of Justice’s financial fraud enforcement program generally, and the Residential Mortgage-Backed...more

Fannie Mae Appoints Executive Vice President, General Counsel, and Corporate Secretary

On October 20, Fannie Mae announced that, effective November 10, Brian Books would serve as its executive vice president, general counsel, and corporate secretary. ...more

CFPB’s Rulemaking Process Gets Good Report Card from OIG Report with Only Minor Criticisms

A September 29, 2014 Report of the Joint Federal Reserve/CFPB Office of the Inspector General (OIG) concluded that the CFPB’s rulemaking process generally complies with the requirements of Section 1100G of the Dodd-Frank...more

Oregon Amends Mortgage Licensing Rules

On September 16, the Oregon Department of Consumer and Business Services Division of Finance and Corporate Securities adopted a rule amending several sections of the Oregon Administrative Rules related to the licensing of...more

Claimant Must Exhaust Administrative Remedies Provided For In The Financial Institutions Reform, Recovery, and Enforcement Act of...

After defaulting on his Hawaii home mortgage with Washington Mutual Bank ("Wamu") and facing nonjudicial foreclosure, Todd Rundgren (Hello It's Me) and his wife, Michelle (collectively the "Rundgrens"), sued Wamu and JP...more

Remedies Against Receiver Must Be Exhausted Before Claim Against Assignee

The U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of claims brought by singer-songwriter Todd Rundgren and his wife Michelle Rundgren against JPMorgan Chase Bank, N.A. (Chase). Since the Rundgrens’ claims...more

OIG audit criticizes public housing asset management

A new HUD Office of Inspector General (OIG) audit published last week levied intense criticism at HUD’s implementation of public housing asset management. Focusing on HUD’s methodology and monitoring of asset management and...more

824 Results
|
View per page
Page: of 33

Follow Finance & Banking Updates on: