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Compliance

HUD Dishes Out More Than $24,000 in Fines for Discriminatory Condo Listings

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The U.S. Department of Housing and Urban Development (HUD) has announced a Conciliation Agreement between the Connecticut Fair Housing Center (CFHC) and respondents Lil-1 Associates, AllPoints Realty and realtor Lillian Polak. The real estate companies will pay more than $24,000 to settle allegations that they published discriminatory listings and advertisements for condominiums specifying that children were not permitted.Click to continue

MBS Issue Lands Former Credit Suisse Manager Behind Bars

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Preet Bharara, the U.S. Attorney for the Southern District of New York, announced that David Higgs, a former managing director in the Investment Banking Division of Credit Suisse Group, was sentenced to time served in connection with a scheme to hide more than $100 million in losses in a mortgage-backed securities (MBS) trading book at Credit Suisse. On February 1, 2012, HIGGS pled guilty, pursuant to a cooperation agreement, to the offense of conspiracy to falsify the books and records of the bank.Click to continue

GSEs Complete Nearly 3.2 Million Foreclosure Prevention Actions Through Q1

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Fannie Mae and Freddie Mac have completed nearly 3.2 million foreclosure prevention actions since the start of the conservatorships in 2008, with approximately 88,800 actions occurring in the first quarter. These measures have helped more than 2.6 million borrowers stay in their homes, including 1.6 million who received permanent loan modifications.Click to continue

Senate Banking Committee Approves Castro as Next HUD Head

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The U.S. Senate Banking Committee has approved the nomination of San Antonio Mayor Julian Castro as next head of the U.S. Department of Housing & Urban Development (HUD) by a 16-6 vote on Wednesday.Click to continue

HUD Hits Mountain America Credit Union With $25,000 Fine

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The U.S. Department of Housing & Urban Development (HUD) has announced that Utah-based Mountain America Credit Union, the second largest credit union in Utah and the 35th largest credit union in the United States, will pay $25,000 to settle allegations that the company discriminated against prospective borrowers on maternity leave.Click to continue

FHFA to Discuss the Benefits of HARP in Windy City

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The Federal Housing Finance Agency (FHFA) announced it is taking new steps to reach homeowners who could benefit from the Home Affordable Refinance Program (HARP). FHFA Director Mel Watt will join housing experts and community leaders in a town hall-style meeting at the Woodson Regional Library in Chicago on July 8 to discuss the benefits of HARP and encourage the approximately 36,000 Chicago residents still eligible to participate in the program. These borrowers could save $2,000-$3,000 annually by refinancing their mortgage.Click to continue

HUD Fines Philly Firm for Fair Housing Act Violations

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The U.S. Department of Housing & Urban Development (HUD) has announced that Brotman Enterprise LLC, a Philadelphia-area real estate company, will pay $25,000 as part of a Conciliation Agreement resolving allegations that its agents discriminated against African-American prospective renters.Click to continue

Kroll Releases Overview of MSRs

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Kroll Bond Rating Agency has released an overview of Mortgage Servicing Rights (MSRs). The term "MSR" generally describes a party's contractual rights with respect to servicing or controlling the servicing of a pool of mortgage loans owned by others, including the entitlement to receive servicing compensation.Click to continue