Posts tagged FIRREA.

On April 14, 2020, the Consumer Financial Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) issued an interagency statement advising financial institutions of existing flexibilities and exceptions that may be useful during the COVID-19 pandemic with respect to real estate evaluations and appraisals.

  1. Physical Property Inspections

Currently, exterior and interior property inspections are not required by the appraisal ...

Posted in: CFPB

It's hornbook law that a later intentional breach of contract, alone, doesn't equal promissory fraud.

Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government's $1.2 Billion FIRREA judgment against Countrywide, Bank of America and others, with instructions to dismiss the case. The case started as a qui tam action alleging that Countrywide's "high-speed swim lane" process delivered substandard mortgage loans to GSEs (Fannie, Freddie) during performance of master mortgage-loan sales agreements ("MLSAs") executed earlier. The ...

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