in News > Residential Mortgage
print the content item


The U.S. Securities and Exchange Commission (SEC) is considering bringing civil fraud charges against rating agencies on the basis that the agencies did not adequately research mortgage-backed securities, according to The Wall Street Journal.

Citing people familiar with the matter, the Journal reports that the SEC is looking at Standard & Poor's practices, as well as at Moody's Investors Service's involvement with at least two mortgage securitization deals. The regulator is reportedly examining whether the rating agencies used outdated information to form their analyses. The Journal additionally notes that the investigation may not ultimately lead to litigation.

Last month, the SEC voted to propose new rules that would implement provisions of the Dodd-Frank Act and strengthen existing oversight of nationally recognized statistical rating organizations. Among the proposals is a requirement for rating agencies to publicly provide disclosure about their credit ratings and the methodology used to determine them.




Latest Top Stories

Freddie Mac: Great Year So Far For Apartment Construction

Construction of condominium complexes is "scant," at least in comparison to 2006, and single-family construction is just "chugging along," Freddie Mac reports.


'Access To Affordable Mortgages Act' Introduced In The House

Rep. Blaine Luetkemeyer, R-Mo., recently introduced the Access to Affordable Mortgages Act, which aims to exempt certain higher-risk loans from property appraisal requirements under the Truth in Lending Act.


Black Knight: HELOC Reset Storm Approaching

A report from Black Knight Financial Services shows that at least 2.5 million HELOCs will face resets over the next several years, resulting in an average increase of $250 per borrower monthly payment.


CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.


BofA To Pay Nearly $17 Billion To Resolve Mortgage Bond Probe

The agreement with the U.S. Department of Justice eclipses the $13 billion settlement JPMorgan Chase reached with federal and state authorities over similar allegations last November.

Urban Lending_id1351
Hse SandyHook
Industry Resource
Orb Mobile
FedHomeLoan_id1341
SWBC_id1313
Safeguard_id1322