Industries

It's a mortgage on top of a mortgage, and at least one lender is making these loans again through brokers.

Wells Fargo has agreed to pay $4 million to settle charges that it made secured credit card loans in violation of New York law.

Banks stayed away from construction lending for years after it collapsed and contributed to the financial crisis. But low interest rates and other factors have gotten some developments off the ground, leading to construction lending's comeback.

The expiration of the federal Protecting Tenants at Foreclosure Act leaves servicers dealing with a patchwork of state laws and investor rules, while renters living in REO properties are at a greater risk of eviction.

In an interview, FHFA Director Mel Watt said there needs to be greater clarity to ensure some entities aren't taking improper advantage of Federal Home Loan Bank membership.

Studying borrowers' credit characteristics and tightening quality control are more important to how mortgages perform than the size of down payments.

The Federal Housing Administration's new foreclosure relief options for nonborrowing spouses of reverse mortgage customers will increase loan servicers' costs, and some question how many consumers they will actually help.

The Federal Housing Finance Agency will require nonbank mortgage firms to meet minimum liquidity and net worth standards to curb risks to taxpayers from the rapidly expanding industry.

In yet another revision of its mortgage rules, the Consumer Financial Protection Bureau proposed making it easier for small and rural lenders to make "qualified mortgages." Industry representatives said the changes are poised to make a big difference.

The Consumer Financial Protection Bureau on Thursday proposed a series of regulatory relief measures for small institutions, especially those in rural areas, to help them provide credit while they try to follow the agency's tough mortgage rules.

The government has added further protections to reverse mortgage borrowers' spouses who are not named in the loan agreement, but placed conditions under which they are ineligible for older protections.

Arch Capital Group is repurposing a subsidiary to insure mortgages that are headed for private securitizations. Insuring such loans separately from the unit that works with Fannie and Freddie lets Arch offer more favorable terms to lenders.

At a hearing Tuesday, GOP lawmakers hammered FHFA Director Mel Watt for four hours over his recent decisions to allow Fannie Mae and Freddie Mac to buy loans with lower downpayments and provide money to two affordable housing trust funds.

Homeowners associations seeking unpaid dues are seizing on a court decision allowing them to foreclose on properties ahead of banks, and the FHFA is litigating to defend Fannie and Freddie mortgages. Private lenders, meanwhile, are trying to keep the problem from spreading to more states.

The Supreme Court gave borrowers the path to file a rescission notice without going to court, but experts expect more banks to initiate legal proceedings to stop rescissions they see as frivolous.

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Early signs point to a wave of Federal Housing Administration borrowers trying to tap into lower prices for mortgage backing.

The consumer bureau and Maryland's AG allege the loan officers received consumer data and other services in return for business referrals.

Hearing arguments in Texas case, Justice Scalia and others were skeptical that the controversial legal theory used in fair housing cases should be invalidated.

United Community Banks in Blairsville, Ga., reported higher quarterly profit because of loan growth and higher fee revenue.