Federal regulators are likely to address congressional concerns over subprime hybrid ARMs in existing subprime lending guidance rather than expand interagency guidance on nontraditional loans. In a joint Feb. 12 letter responding to an earlier inquiry by... Read More

The mortgage industry may be in for another contentious year as Congress prepares to tackle several new – and in some cases, recycled – bills addressing consumer information protection. The question is whether legislation will be enacted this time. Observers say... Read More

The Federal Reserve Board is putting the finishing touches on proposed changes to disclosure requirements under the Truth in Lending Act. Testifying before the Senate Committee on Banking, Housing and Urban Affairs last week, Fed Chairman Ben Bernanke said... Read More

Although “suitability” was barely mentioned at the anti-predatory lending hearing held by the Senate Committee on Banking, Housing and Urban Affairs Feb. 7, a war of words has erupted between industry and consumer groups that will likely escalate when anti-predatory lending... Read More

Mortgage lenders called upon state officials in North Carolina and California not to deviate from federal and state nontraditional mortgage guidelines as they decide whether to adopt the state model as written or expand it to include other loan types. In separate actions... Read More

The Federal Reserve is looking into reports that homeowners are being targeted by a potentially fraudulent Community Reinvestment Act scam. Last week, the Fed alerted banks and the public about questionable solicitations directed at homeowners... Read More

Connecticut: Peter Hildreth has been reappointed for a... New York: A former church youth pastor was sentenced recently... Pennsylvania: Mortgage lenders should always verify the... Georgia: The state Department of Banking and Finance and the... Read More

Federal Trade Commission: 2006 Enforcement Report. The FTC has furnished information to the... Internal Revenue Service: Seller Certification. The IRS has amended its rules for excluding... Office of the Comptroller of the Currency: Daylight Savings Time Change. National banks and their technology... Read More

Mortgage Guaranty Insurance Corp. and the Philadelphia-based Radian Group have announced... The Mortgage Insurance Companies of America has launched a new Web site... The National Community Reinvestment Coalition will have its annual... The National Real Estate Development Council will host... Read More

Federal regulators are more inclined toward “principles-based guidance,” but the rapid growth of the nontraditional mortgage market compelled the development of prescriptive interagency guidelines, according to a top official with the Office of the Comptroller of... Read More