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U.S. Government Hits Bank Of America With $1 Billion Lawsuit Over Lending Program

NEW YORK - (Mealey's) The U.S. government on Oct. 24 filed a $1 billion lawsuit against Bank of America Corp., as successor for Countrywide Financial Corp., alleging that Countrywide violated provisions of the False Claims Act by engaging in a scheme to defraud Fannie Mae and Freddie Mac...

FRB Issues Proposed Rules to Repeal Regulation AA, as Required by Dodd-Frank

by Edmund D. Harllee and Alan B. Clark On Wednesday, August 27, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register proposed rules and a request for public comment to repeal its Regulation AA (Unfair or Deceptive Acts or Practices). The...

CFPB Examinations for 2015 Q1 Reveal Particular Scrutiny on Mortgage Servicers

by Mark J. Magyar On June 23, 2015, the Bureau issued its eighth edition of Supervisory Highlights (the “Report”) in which the CFPB shared its “recent supervisory observations in the areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage...

Mortgage Banking Update – July 2015

CFPB RELEASES VIDEO OF “FINAL” WEBINAR ON TILA-RESPA INTEGRATED DISCLOSURE RULE The CFPB has posted a video of its May 26 th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related...