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 The regulator is reportedly examining whether the rating agencies used outdated information to form their analyses.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.


Six important questions you need to ask about your compliance process_id1314


Latest Top Stories

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.


Report Lambastes Servicers For Doing Poor Job With HAMP

SIGTARP once again disses mortgage servicers for failing to keep up with the volume of applications for HAMP as well as the Treasury Department for failing to do a better job of overseeing servicers' HAMP activities.


CFPB Seeks To Ease HMDA Reporting Requirements

The CFPB is proposing to exempt lenders that originate fewer than 25 mortgages a year from its new HMDA reporting rules. In addition, financial institutions with a large number of reported transactions would be required to submit HMDA data on a quarterly, rather than annual, basis.

LenderLive_id1241
Hse SandyHook
Industry Resource
Play for Pink
Safeguard_id1322
NAMFS_id1321
SWBC_id1313