Government

The Securities and Exchange Commission (SEC) has formally accused former Countrywide Chief Executive Angelo Mozilo and two other top executives of defrauding investors. Mozilo also faces charges of insider trading.

The National Association of BPO Professionals (NABPOP) and its BPO Standards Board (BSB) have issued new broker price opinion (BPO) guidelines for real estate agents and brokers to use when determining the probable selling price of residential properties.

Freddie Mac’s HomeSteps REO sales unit has renewed its agreement with Vendor Resource Management (VRM), an REO disposition provider headquartered in Irving, Texas, and a subsidiary of the national real estate valuation company PCV Murcor.

Leaders from a number of housing industry groups flocked to Capitol Hill on Wednesday to weigh in on how mortgage financing giants Fannie Mae and Freddie Mac should be structured. The two GSEs own or guarantee 56 percent, or $5.

In an attempt to bring greater transparency and accountability to the mortgage lending industry, federal regulators are proposing amendments to the Secure and Fair Enforcement for Mortgage Licensing Act (S.

The Federal Trade Commission (FTC) has initiated rulemaking proceedings to address loan modifications and mortgage servicing. The agency’s Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy.

The Federal Housing Administration (FHA) laid out the details of a new policy Mortgagee Letter 2009-15 ] on Friday that will allow first-time homebuyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home.

Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank’s agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary.

The federal district court for the Southern District of California in San Diego has denied Countrywide Financial Corp.‘s motion to dismiss a consolidated class action complaint against the lender, which challenges Countrywide’s subprime mortgage marketing and lending practices.

The FDIC has certified Next Wave Advisors Inc. to assist the agency with a variety of real estate services, including lender workouts, asset valuation, and disposition of property acquired through bank takeovers and liquidations.